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Ichimoku Forex - EURAUD Kumo Break | More Upside? Sept. 5th

Today the EURAUD has formed a daily close and Kumo Break (to the topside) for the first time in exactly two months Virtually all Ichimoku components are bullish with the chikou having crossed the price line, tenkan above the kijun, the kumo break, thus the only things left are for the tenkan and kijun to pierce through the kumo along with the chikou as well.

Regardless, this bull run for the EUR v. AUD is impressive to say the least, as it has climbed 15 of its last 18 days all the while staying within a tight channel, so the climax hasn't come yet.

At the moment, price is sitting at a key role reversal level just under 1.2400 (June swing low). With a flat top kumo parked just below current levels, bulls can take a pullback towards here (1.2236), or wait for a breakout pullback setup above 1.2400.

(click to enlarge)ichimoku kumo break flat top sept 5thClick to enlarge

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Click to enlarge

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