EUR/NZD: Ichimoku clouds
18 September 2017, 20:39| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.6460 |
| Take Profit | 1.6490 |
| Stop Loss | 1.6340 |
| Key Levels | 1.6400, 1.6475 |
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (1.6400). The closest resistance level is the upper border of the cloud (1.6475).
On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed downwards, 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 Kijun-sen line (1.6340). The closest resistance level is Tenkan-sen line (1.6480).
On the four-hour chart we've got a signal of trend reversal from descending to ascending. On the daily chart the Bullish 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 (1.6490) line and Stop Loss at the level of Kijun-sen line (1.6340).
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