FX.co ★ Ichimoku graphic analysis: AUD/USD

H4

The Australian dollar is still declining. The market tested the 4-hour Rotation line during yesterday’s session and refreshed local lows.
Today in the morning the price approached the 0.9700 level. However, the bulls immediately started to buy the aussie, thus having returned it to the 0.98 level.
The major downtrend remains: the Ichimoku Cloud has a negative character and the Senkou Span A and B are falling further (1, 2).
In the short term we can also see strong bearish sentiments – the Tenkan-sen and the Kijun-sen (3, 4) are directed down and are keeping the Dead Cross (5).

H1

On 1-hour graphs the bulls tried to bring the rate back to the lower limit of the Cloud. However, the attempt was unsuccessful – the resistance level 0.9960 did not allow them to go up further.
As a result the market fell down again, which lead to the cancellation of the Gold Cross formed by the Tenkan-sen and the Kijun-sen.
For the rest of the day the bears were in advance and took the opportunity to break down yesterday’s low. Simultaneously a Dead Cross (5) having negative influence on the players’ sentiment was formed. The rotation line )3) is directed down.
Given the negative background on the market, the downtrend is likely to be continued.