EUR/NZD: Ichimoku clouds 08 September 2017, 17:55

EUR/NZD: Ichimoku clouds

08 September 2017, 17:55

Scenario
Timeframe	Weekly
Recommendation	SELL STOP
Entry Point	1.6405
Take Profit	1.6320
Stop Loss	1.6580
Key Levels	1.6260, 1.6620

Alternative scenario
Recommendation	BUY STOP
Entry Point	1.6580
Take Profit	1.6665
Stop Loss	1.6405
Key Levels	1.6260, 1.6620

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (1.6405). The closest resistance level is the lower border of the cloud (1.6580).



On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Kijun-sen line (1.6260). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.6620).

On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bullish trend is still strong. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 1.6405, with Take Profit at 1.6320 and Stop Loss at 1.6580; buy at the level of 1.6580, with Take Profit at 1.6665 and Stop Loss at 1.6405.