AUD/CAD: Ichimoku clouds 18 September 2017, 08:36

AUD/CAD: Ichimoku clouds

18 September 2017, 08:36

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	0.97677
Take Profit	0.96906
Stop Loss	0.98000
Key Levels	0.96906 0.97500 0.98293 0.97974

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument is trading around lower border of the cloud. The closest support level is Tenkan-sen line (0.97500). The closest resistance level is the lower border of the cloud (0.98293).



On the daily 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 is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (0.96906). The closest resistance level is Tenkan-sen line (0.97974).

On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.96906) and Stop Loss at the level of Kijun-sen line (0.98000).