GBP/NZD: Ichimoku clouds 28 May 2019, 21:18

GBP/NZD: Ichimoku clouds

28 May 2019, 21:18

Scenario
Timeframe	Intraday
Recommendation	SELL
Entry Point	1.9345
Take Profit	1.9279
Stop Loss	1.9387
Key Levels	1.9279 1.9345 1.9387 1.9500

Let's look at the four-hour chart. Tenkan-sen line is below 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 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 (1.9279). The closest resistance level is the upper border of the cloud (1.9387).



On the daily chart Tenkan-sen line is crossing Kijun-sen from above, both lines are directed downwards. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the lower border of the cloud (1.9345). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.9500).

On the four-hour chart the instrument is still falling. On the daily chart we can see the beginning of the trend reversal. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.9279) and Stop Loss at the lower border of the cloud (1.9387).