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10.08.2020 06:02 PM
AUDUSD vulnerable to a pull back towards 0.6920.

AUDUSD has made an impressive upward move the last few months from 0.55 to 0.72. There are increased chances now for a pull back at least towards 0.69. We use the Ichimoku cloud indicator in order to find the levels we need to watch out.

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AUDUSD is challenging the tenkan-sen (red line indicator) at 0.7160. If support fails to hold, price should move towards the kijun-sen (yellow line indicator) at 0.7085. If this support also fails to hold then we move towards the cloud at 0.6920 area. Keep an eye on these support levels.

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As can be seen above in the Daily chart we already have a bearish divergence by the RSI. This is an important warning that we should take into serious consideration. This is not the time to be bullish AUDUSD. Better wait for a pull back.
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