AUD/CAD: Ichimoku clouds 17 December 2018, 20:32

AUD/CAD: Ichimoku clouds

17 December 2018, 20:32

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.9620
Take Profit	0.9720
Stop Loss	0.9590
Key Levels	0.9500, 0.9640

Let's look at the four-hour 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 has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (0.9620). The closest resistance level is the upper border of the cloud (0.9640).



On the daily 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 broken down Tenkan-sen and Kijun-sen lines. The closest support level is the lower border of the cloud (0.9500). The closest resistance level is Kijun-sen line (0.9630).

On the four-hour chart we can see a correction of the downward movement. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.9720) line and Stop Loss at the level of Kijun-sen line (0.9590).