AUD/USD Daily: Moving Above the Ichimoku
Forex Trading idea: Remain bullish targeting 0.8050. Watch out during FOMC statement
Risk event coming up: US economy and US dollar volatility at 7 PM GMT whenFederal Open Market Committee (FOMC) will communicate with investors about monetary policy. This statement contains the outcome of their vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced their votes. Most importantly, the Fed discusses the economic outlook and offers clues on the outcome of future votes.
Technical Analysis: The Australian dollar dancing against US dollar (AUD/USD) finally broke above our key pivot level of 0.79 as well as above the Ichimoku cloud and currently heading towards our first bullish target at 23% Fibonacci level at 0.8050. The extended bullish target is set at 0.8320
Alternative Scenario: Below Ichimoku look for more drops with 0.76 as target.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.76 | 0.79 | 0.8050 |
| 0.73 | 0.8320 |
