FX.co ★ Ichimoku graphic analysis: AUD/USD

H4

On the Australian dollar market, as expected, the buyers are dominating, as yesterday they recovered the aussie rate to the 1.0450 level. However, they did not stop at this point: today’s trading started in a positive area as well, which resulted in reaching a new all-time high at 1.0480.
The Tenkan-sen and the Kijun-sen united into one line, thus having cancelled the Dead cross, and are advancing further.
The Ichimoku Cloud is also supporting the bulls in the long term: the Senkou Span A and B (1, 2) are directed up.
Only the Chinkou Span located in the overbought zone might provoke a consolidation on current levels and a decline to 1.0400.

H1

1-hour trend has switched to the upside as a result of yesterday’s sharp recovery. As expected, yesterday in Asian session the price bounced off the Rotation line and continued to ascend and refresh highs.
The Ichimoku Cloud changed its character to the upside. At the same time, the Senkou Span A and B are recovering further.
At the moment there is a correction decline on the market, in which the Rotation line (3) will provide a support.
Further movement will dependend on whether the bears are able to break into the Tenkan-Kijun channel (3, 4). If the price fixates below the Tenkan-sen, this will lead to a continuation of short-term downtrend up to the Kijun-sen (4). The growth is likely to be resumed afterwards.