AUD/CAD: Ichimoku clouds 29 March 2018, 22:56

AUD/CAD: Ichimoku clouds

29 March 2018, 22:56

Scenario
Timeframe	Intraday
Recommendation	SELL
Entry Point	0.9896
Take Profit	0.9791
Stop Loss	0.9912
Key Levels	0.9791, 0.9901, 0.9912

Let's look at the four-hour 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 (0.9884). The closest resistance level is Tenkan-sen line (0.9901).



On the daily chart Tenkan-sen line has crossed Kijun-sen from above, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.9859). The closest resistance level is the lower border of the cloud (0.9902).

On the four-hour chart the instrument is still falling. On the daily chart the instrument is trading within the cloud. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (0.9791) and Stop Loss at the lower border of the cloud (0.9912 ).