Forex Ichimoku - Kumo Break for Aussie | Oct. 2nd

ichimoku kumo break y wave chikou oct 2nd

Following the 25bp cut by the RBA yesterday, the Aussie has been feeling it, losing about 100pips on an open to close basis.  In the process, the pair formed a daily kumo break setup closing below the cloud for the first time since June this year.  In addition to this, it also formed a medium tenkan-sen kijun-sen cross to the downside which further adds to the bearish picture.  The chikou is not below the kumo, nor even entered it yet, so not in a full bear trend, but the pressure is on.

Ichimoku Wave Structure suggests we are in a possible Y-Wave in the 4th leg of it, so likely at least one more leg before a breakout.  Kumo …

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