AUD/CAD: Ichimoku clouds 04 February 2019, 05:43

AUD/CAD: Ichimoku clouds

04 February 2019, 05:43

Scenario
Timeframe	Intraday
Recommendation	SELL STOP
Entry Point	0.9456
Take Profit	0.9400
Stop Loss	0.9470
Key Levels	0.9398, 0.9424, 0.9460, 0.9472, 0.9490.

Let's look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from above, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span has crossed the price chart from above, 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 (0.9466). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.9490).



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 descending. The instrument is trading around lower border of the cloud. Borders of the cloud serve as the closest support (0.9465) and resistance (0.9498) levels

On the both charts the instrument is still falling. Short trades can be opened as soon as we get a confirmative signal from Chikou Span line (the line should cross the price chart). Presumable entry point is 0.9456, Take Profit – 0.9400, Stop Loss – 0.9470.