AUD/USD: Crossing the Kumo? (Daily)
AUD/USD is facing bearish pressure.
As shown in the Daily Chart we are about to cross the thin KUMO.
An immediate support is seen @ 0.71438. LS is still stuck in its KUMO suggesting the bearish movement is not confirmed.
H4 shows that the support @ 0.71438 worked well and sent price higher from this level.
Two levels have to be watched: 0.71728 (previous KUMO) and 0.71773, which is the current TS. Should the prices hold this level, it suggests that the bearish trend is temporarily fading. Otherwise, prices will resume their descent and confirm a bearish bias.
KS is flat, attracting prices like a magnet. If prices hold this level, the bearish trend will fade. Otherwise they will go down again.
No position should be taken as long as prices are stuck between KS and TS.