AUD/CAD: Ichimoku clouds 11 January 2019, 07:21

AUD/CAD: Ichimoku clouds

11 January 2019, 07:21

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.9525
Take Profit	0.9560
Stop Loss	0.9500
Key Levels	0.9440, 0.9585

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, 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 (0.9500). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.9560).



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 has reversed from ascending to descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.9440). The closest resistance level is the lower border of the cloud (0.9585).

On the four-hour chart the instrument is still rising. On the daily chart the instrument is trading within the cloud. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.9560) line and Stop Loss at the level of Kijun-sen line (0.9500).