AUD/CAD: Ichimoku clouds 29 January 2019, 08:07

AUD/CAD: Ichimoku clouds

29 January 2019, 08:07

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	0.9497
Take Profit	0.9455
Stop Loss	0.9500
Key Levels	0.9475, 0.9640

Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (0.9455). Merged Tenkan-sen and Kijun-sen lines have become a strong resistance level (0.9500).



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 descending. 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 still falling. On the daily chart the instrument is trading within the cloud. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.9455) and Stop Loss at the level of Kijun-sen line (0.9500).