GBP/CAD: Ichimoku clouds
03 April 2018, 21:28| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.7993 |
| Take Profit | 1.8341 |
| Stop Loss | 1.7763 |
| Key Levels | 1.7763, 1.8013, 1.8341 |
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. 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 (1.7978). The closest resistance level is Tenkan-sen line (1.8068).
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 approaching the price chart from above, current cloud is ascending. The instrument has broken down Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (1.7763). The closest resistance level is Kijun-sen line (1.8013).
On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (1.8341) and Stop Loss at the upper border of the cloud (1.7763).
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