GBP/NZD: Ichimoku clouds 14 May 2018, 22:10

GBP/NZD: Ichimoku clouds

14 May 2018, 22:10

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	1.9610
Take Profit	1.9747
Stop Loss	1.9500
Key Levels	1.9464, 1.9480, 1.9500, 1.9540, 1.9565, 1.9587, 1.9620, 1.9637, 1.9682, 1.9717, 1.9733, 1.9755.

Let's look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from above, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (1.9500). The closest resistance level is Tenkan-sen line (1.9625).



On the daily chart Tenkan-sen line is crossing Kijun-sen from above, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (1.9464). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.9693).

It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.9747) line and Stop Loss at the level of Kijun-sen line (1.9500).