AUD/CAD: Ichimoku clouds 21 January 2019, 08:59

AUD/CAD: Ichimoku clouds

21 January 2019, 08:59

Scenario
Timeframe	Weekly
Recommendation	SELL STOP
Entry Point	0.9475
Take Profit	0.9300
Stop Loss	0.9640
Key Levels	0.9425, 0.9535

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.9640
Take Profit	0.9730
Stop Loss	0.9475
Key Levels	0.9425, 0.9535

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 ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.9425). The closest resistance level is the lower border of the cloud (0.9535).



On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.9475). The closest resistance level is the lower border of the cloud (0.9640).

On the four-hour chart the instrument is trading within the cloud. On the daily chart the instrument is trading within the cloud. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 0.9475, with Take Profit at 0.9300 and Stop Loss at 0.9640; buy at the level of 0.9640, with Take Profit at 0.9730 and Stop Loss at 0.9475.