AUD/USD Daily: Moving Up Inside the Ichimoku
Forex Trading idea: Short term bullish with target set at 0.79
Risk event coming up: .Reserve Bank of Australia (RBA) Governor Glenn Stevens is due to speak at the Australian Financial Review Banking & Wealth Summit, in Sydney at 11:40 PM GMT on Monday. More hawkish than expected tone would lead in more Aussie dollar strength.
Technical Analysis: The Australian dollar continues to range inside the Ichimoku cloud creating short-term trading opportunities for FX traders with narrow targets. Unable to break below the Ichimoku cloud we could expect to pair to move back up towards a key resistance level at 0.79 and 0.8050 in extension.
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 |
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