AUD/USD Bullish Picture Unfolding

FX:AUDUSD   Australian Dollar / U.S. Dollar
Price has today smashed through a stubborn flat-top Kumo following a series of higher highs and higher lows after the recent weak-form bullish Tenken/Kijun cross that remains in play. We can expect some retracement in the next day or two potentially back to the Kumo top as prices have gravitated far from the Tenken and Kijun equilibrium lines. If Chikou Span can break from its thin cloud and the future Kumo starts to twist we may see a sustained rally to recent highs supported by a bullish picture on the higher time frames. Still developing but one to keep an eye on and go long if we get support at the Kumo with two clear price targets to take some risk off and raise stops


Looks like a close inside the cloud could be order of the day. It may not happen yet but with easter break upon us my tight stop has been hit. You win some you lose some. Will revisit as I still think there is something here to take
first serious rejection occurring with a bearish engulfing candle forming today - Kumo top is the key support line and we have been anticipating a pull-back and retest to validate the long targets
While the chart above only updates price action (not the indicator) on the live Ichimoku chart for this trade idea we are almost at a Kumo Twist to the upside which would further support a progression of the called long trade. Chikou has also broken free from the kumo and has clean-air ahead
26.03.13 - The first resistance level I marked on the chart is proving a tough one to break but notice how the candle wicks from the last three days are progressively higher. Pressure is forming to bust through here and on towards the next key level at 1.054. Think today will see it move
Brief retracement on Friday near the Kumo top (where my entry got triggered) but an already strong bar for today is pressing against the first expected resistance level - the highs from late Jan and recent Kumo ceiling. If we make it through here we are heading to 1.05 territory next