AUD/CAD: Ichimoku clouds 08 May 2018, 08:34

AUD/CAD: Ichimoku clouds

08 May 2018, 08:34

Scenario
Timeframe	Intraday
Recommendation	SELL
Entry Point	0.9676
Take Profit	0.9615
Stop Loss	0.9715
Key Levels	0.9577, 0.9618, 0.9672, 0.9715, 0.9761.

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument is trading around upper border of the cloud. The closest support level is Tenkan-sen line (0.9669). The closest resistance level is the lower border of the cloud (0.9681).



On the daily 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 has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (0.9670). The closest resistance level is the upper border of the cloud (0.9714).

On the four-hour chart we can see a correction of the downward movement. On the daily chart the Bullish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (0.9615) and Stop Loss at the lower border of the cloud (0.9715).