FX.co ★ Ichimoku graphic analysis: AUD/USD

H4

The Australian dollar is advancing further and setting new all-time highs. Today at the opening of the Asian session the aussie broke up the 1.0400 level. The price even reached the 1.0415 level.
However, afterwards a correction, possibly a short-term one, took place and in the nearest time a decline to the Rotation line (3) is possible. The Chinkou Span located in the overbought zone warns about possible correction as well.
At the same time, major trend is the uptrend: the Ichimoku Cloud has a positive character, the Senkou Span A and B (1, 2). Besides, in the short term bullish sentiment remains – the Gold cross (5) formed by the Tenkan-sen and the Kijun-sen will apply for a long time.

H1

Last Friday in 1-hour graph the price tested the upper limit of the Ichimoku Cloud several times. However, the Senkou Span A refused to let the bears inside the Kumo, which resulted in sooner end of the consolidation.

Important US macroeconomic data allowed the bulls to take the initiative and continue the recovery.
As a result, new all-time highs were set on Friday.
Today’s trading might be positive as well since the Senkou Span A and B (1, 2) are confidently growing, thus strengthening the Cloud’s bullish sentiment.
Besides, the Tenkan-sen and the Kijun-sen moved the Gold Cross (5) upwards and the Tenkan-sen is providing support to the market at the moment.
However, in this timeframe the Chinkou Span is also in the overbought zone, which might decline the rate to the Kijun-sen (4). The auusie is likely to resume growth from these levels.