EUR/NZD: Ichimoku clouds
24 June 2019, 21:11
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.7207 |
| Take Profit | 1.7273 |
| Stop Loss | 1.7116 |
| Key Levels | 1.7116 1.7138 1.7219 1.7273 |
Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from below, current cloud has reversed from ascending to descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (1.7138). The closest resistance level is the lower border of the cloud (1.7219).
On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Kijun-sen line (1.7116). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7273).
On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bullish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.7273) line and Stop Loss at the level of Kijun-sen line (1.7116).
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