AUD/CAD: Ichimoku clouds 29 May 2018, 03:54

AUD/CAD: Ichimoku clouds

29 May 2018, 03:54

Scenario
Timeframe	Intraday
Recommendation	BUY
Entry Point	0.9799
Take Profit	0.9843
Stop Loss	0.9775
Key Levels

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is the upper border of the cloud (0.9785). The closest resistance level is Tenkan-sen line (0.9808).



On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (0.9785). The closest resistance level is the lower border of the cloud (0.9843).

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 long positions at current price with the target at the level of previous maximum of Chikou Span line (0.9843) and Stop Loss at the upper border of the cloud (0.9775).