AUD/CAD: Ichimoku clouds 23 January 2019, 07:46

AUD/CAD: Ichimoku clouds

23 January 2019, 07:46

Scenario
Timeframe	Intraday
Recommendation	SELL STOP
Entry Point	0.9437
Take Profit	0.9380
Stop Loss	0.9587
Key Levels	0.9437 0.9487 0.9528 0.9587

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.9587
Take Profit	0.9640
Stop Loss	0.9437
Key Levels	0.9437 0.9487 0.9528 0.9587

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, current cloud is descending. The instrument is trading around lower border of the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (0.9487). The closest resistance level is Kijun-sen line (0.9528).



On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains 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 (0.9437). The closest resistance level is the lower border of the cloud (0.9587).

On the four-hour chart the instrument is still falling. 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 0.9437, with Take Profit at 0.9380 and Stop Loss at 0.9587; buy at the level of 0.9587, with Take Profit at 0.9640 and Stop Loss at 0.9437.