After forming an inverted pin bar last Friday, the Aussie sold off heavily today forming a marubozu candle closing inside the daily kumo for the first time since June. In the process, the chikou span has also crossed the kijun line today which further adds to the bearish Ichimoku picture.
With price action now sitting at the 1.0230 key support level I mentioned yesterday, I think this is the last interim support level before further losses. Below this, I’m suspecting losses to 1.0175 in a jiffy, and then 1.0100 which is where the Kumo bottom comes in, but short term bearish pressure should continue.
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