GBP/CAD: Ichimoku clouds
10 January 2019, 10:11
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.6893 |
| Take Profit | 1.6715 |
| Stop Loss | 1.6940 |
| Key Levels | 1.6940, 1.6855, 1.6715 |
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (1.6955). The closest resistance level is Kijun-sen line (1.6855).
On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is ascending. 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 (1.6715). The closest resistance level is the upper border of the cloud (1.6940).
On the both charts the instrument is still falling. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.6715) and Stop Loss at the lower border of the cloud (1.6940).
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