GBP/CAD: Ichimoku clouds
08 May 2018, 21:39| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.7555 |
| Take Profit | 1.7370 |
| Stop Loss | 1.7680 |
| Key Levels | 1.7485, 1.7590 |
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (1.7485). The closest resistance level is the upper border of the cloud (1.7590).
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 (1.7370). The closest resistance level is Tenkan-sen line (1.7680).
On the four-hour chart we can see the beginning of the trend reversal. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.7370) and Stop Loss at the level of Kijun-sen line (1.7680).
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