AUD/CAD: Ichimoku clouds 18 February 2019, 08:26

AUD/CAD: Ichimoku clouds

18 February 2019, 08:26

Scenario
Timeframe	Intraday
Recommendation	SELL STOP
Entry Point	0.9432
Take Profit	0.9356
Stop Loss	0.9478
Key Levels	0.9425 0.9432 0.9478 0.9502

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.9478
Take Profit	0.9545
Stop Loss	0.9432
Key Levels	0.9425 0.9432 0.9478 0.9502

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is the lower border of the cloud (0.9432). The closest resistance level is the lower border of the cloud (0.9478).



On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, 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 (0.9425). The closest resistance level is the lower border of the cloud (0.9502).

On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bearish trend is still strong. 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 0.9432, with Take Profit at 0.9356 and Stop Loss at 0.9478; buy at the level of 0.9478, with Take Profit at 0.9545 and Stop Loss at 0.9432.