EUR/NZD: Ichimoku clouds 12 September 2017, 19:30

EUR/NZD: Ichimoku clouds

12 September 2017, 19:30

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	1.6416
Take Profit	1.6620
Stop Loss	1.6318
Key Levels	1.6311, 1.6410, 1.6510, 1.6580, 1.6620, 1.6670.

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains 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 (1.6360). The closest resistance level is Tenkan-sen line (1.6447).



On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (1.6410). The closest resistance level is Tenkan-sen line (1.6515).

On the four-hour chart the instrument is still rising. On the daily chart the Bearish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.6620) line and Stop Loss at the level of Kijun-sen line (1.6318).