Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has broken down the cloud and slowed down its fall. One of the previous minimums of Chikou Span line is expected to be a support level (1.5576). The closest resistance level is the upper border of the cloud (1.5869).
On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (1.5736). The closest resistance level is Tenkan-sen line (1.5980).
On the four-hour chart the instrument is still falling. On the daily chart the Bullish trend is still strong. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.5576) and Stop Loss at the level of Kijun-sen line (1.5869).
Euro vs Australian Dollar
| Buy | Sell | Spread |
| 1.62825 | 1.6268 | 145 |
Scenario
| Time frame | Day's Range |
| Recommendations | SELL |
| Entry Point | 1.5802 |
| Take Profit | 1.5576 |
| Stop Loss | 1.5869 |
| Support levels | 1.5576, 1.5736, 1.5869, 1.5980 |
Alternative scenario
| Recommendations | |
| Entry Point | |
| Take Profit | |
| Stop Loss | |
| Support levels |
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