AUD/USD Daily: Testing Lower Band of Ichimoku Cloud
Suggested positioning: None.
Technical Analysis: The Australian dollar continues to range inside the Ichimoku cloud touching the lower band with all other moving averages straightening. A confirmation below the Ichimoku cloud could signal further drops.
Alternative Scenario: Above pivot level at 0.79 look for up moves towards 23% Fibonacci at 0.8050 and 0.8320
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.76 | 0.79 | 0.8050 |
| 0.73 | 0.8320 |
