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Ichimoku Forex – EURAUD Kumo Break | Sept. 5th
For the first time in exactly two months, the EURAUD has formed a Kumo Break on the daily chart. Almost all the Ichimoku signs are bullish with the kumo break, chikou having crossed the price line, tenkan above the kijun, the only things left are for the chikou to cross the kumo, along with the tenkan and kijun to pierce through the kumo.
But this run for the EUR v. AUD is impressive as its climbed 15 of its last 18 days which is extraordinary, all the while staying within a tight channel so the climax hasn’t come yet.
Currently price is sitting at a key role reversal level just below 1.2400 which was the June swing low. With a flat top kumo just below, bulls can take a pullback towards here (1.2236), or wait for a breakout pullback setup above 1.2400.
For those wanting to learn how to trade the Ichimoku Cloud, along with lifetime access to the Ichimoku traders forum, using rule-based systems, make sure to check out my Advanced Ichimoku Course.
Global Market Commentary:
Stocks across Europe and the US remained unchanged while the Euro held the 1.25 figure to close just north of a cent above, bolstered by rumors the ECB is considering buying more bonds. The big details of such a possibility will be revealed at the ECB policy meeting tomorrow along with the rate decision for the regional currency.
Meanwhile, German and French services contracted last month which means its two powerhouse economies are coming under further pressure.
Even though the RBA didn’t cut interest rates this week, falling commodity prices are hurting the local economy so a cut may be inline next month.
The currency lost the 1.02 handle vs. the USD. Meanwhile, Gold remained unchanged along with Silver as the precious metal duo wait for the CB announcements this week and the Jobs report this Friday.
Upcoming Economic Announcements:
|AUD Unemployment Rate||01.30GMT||21.30EST|
|EUR Euro-Zone Gross Domestic Product s.a. (YoY)||09.00GMT||05.00EST|
|EUR German Factory Orders n.s.a. (YoY)||10.00GMT||06.00EST|
|GBP Bank of England Rate Decision||11.00GMT||07.00EST|
|EUR European Central Bank Rate Decision||11.45GMT||07.45EST|
|USD ADP Employment Change||12.15GMT||08.15EST|
|USD ISM Non-Manufacutring Composite||14.00GMT||10.00EST|
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