H4
The bulls are recovering the Australian dollar further. Yesterday’s sideways movement obtained a new shape – the aussie broke up the Kijun-sen (4). It is worth mentioning that this is the second attempt to fixate above the line. Therefore, it is possible that the Dead Cross (5) will be ignored by market participants and there will be no decline to the upper limit of the Cloud.
Recent support level that the Chinkou Span bounced up, has probably provided support as well.
Thgerefore, given the upside character of the Ichimoku Cloud, we might suppose further development of bullish trend.
H1
In 1-hour graphs, as expected, the bears tried to break below the Ichimoku Cloud. However, the support level 1.0278-1.0280 stopped their attempts.
As a result, yesterday the price was trading inside the Kumo, thus having provided quite a good basis for further uptrend.
The Senkou Span A and B started to grow (1, 2) despite the negative character of the Cloud. Obviously the bulls have considerable advantage. Therefore, today’s morning started with a sharp recovery and move above the Kumo. The Tenkan-sen and the Kijun-sen formed a Gold Cross (5) and are advancing further as well.