EUR/AUD: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument has entered the cloud. Borders of the cloud serve as the closest support (1.6510) and resistance (1.6592) levels

On the daily chart Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is the lower border of the cloud (1.6459). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.6662).

On the four-hour chart we can see the beginning of the trend reversal. On the daily chart we can see a correction of the upward movement. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 1.6510, with Take Profit at 1.6592 and Stop Loss at 1.6379; buy at the level of 1.6592, with Take Profit at 1.6510 and Stop Loss at 1.6754.