A/J: just a bit of Cloud and the 96 in the way.

June 6, 2014

Fri 6th June

The A/J is getting back up to a very interesting level again now. It is back near the top of the bullish broadening descending wedge pattern on the daily/4hr charts and it is also just under the major level of 96.

The 96 region has been a major S/R level for the A/J and this is best seen on the monthly chart:

AJmonthly

A/J weekly:

AJweekly

A/J daily:

AJdaily

A/J 4hr:

AJ4

Price is also now trading above the Cloud on the 4hr, daily and monthly charts and just below the top edge of the Cloud on the weekly chart which is a major bullish shift. 

A/J monthly Cloud:

AJmonthlyCloud

A/J weekly Cloud: trading just under the top edge of the Cloud:

AJweeklyCloud

A/J daily Cloud:

AJdailyCloud

A/J 4 hr Cloud:

AJ4hrCloud

Summary: many traders are bearish on the AUD BUT I would view any break by the A/J back above the 96 level and above the weekly Ichimoku Cloud as rather bullish and suggesting bullish continuation.