AUD/CAD: Ichimoku clouds 17 May 2018, 09:53

AUD/CAD: Ichimoku clouds

17 May 2018, 09:53

Scenario
Timeframe	Intraday
Recommendation	SELL STOP
Entry Point	0.9606
Take Profit	0.9568
Stop Loss	0.9633
Key Levels	0.9568 0.9606 0.9633 0.9702

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.9633
Take Profit	0.9680
Stop Loss	0.9606
Key Levels	0.9568 0.9606 0.9633 0.9702

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.9606). The closest resistance level is the lower border of the cloud (0.9633).



On the daily 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 (0.9568). The closest resistance level is Kijun-sen line (0.9702).

On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bearish trend is still strong. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 0.9606, with Take Profit at 0.9568 and Stop Loss at 0.9633; buy at the level of 0.9633, with Take Profit at 0.9680 and Stop Loss at 0.9606.