AUD/CAD: Ichimoku clouds
06 February 2019, 07:23
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 0.9405 |
| Take Profit | 0.9370 |
| Stop Loss | 0.9460 |
| Key Levels | 0.9420 |
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 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 (0.9370). The closest resistance level is Tenkan-sen line (0.9460).
On the daily chart Tenkan-sen line is above Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has broken down the cloud and is still falling. One of the previous minimums of Chikou Span line is expected to be a support level (0.9370). The closest resistance level is Kijun-sen line (0.9420).
On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.9370) and Stop Loss at the level of Kijun-sen line (0.9460).
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