AUD/CAD: Ichimoku clouds 20 September 2017, 08:21

AUD/CAD: Ichimoku clouds

20 September 2017, 08:21

Scenario
Timeframe	Intraday
Recommendation	BUY
Entry Point	0.98723
Take Profit	0.99113
Stop Loss	0.97968
Key Levels	0.98148, 0.97768, 0.99113, 0.98908

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (0.98148). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.99113).



On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (0.97768). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.98908).

It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (0.99113) and Stop Loss at the upper border of the cloud (0.97968).