GBP/CAD: Ichimoku clouds
03 January 2018, 21:05| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.69510 |
| Take Profit | 1.68832 |
| Stop Loss | 1.68832 |
| Key Levels | 1.68265 1.68832 1.69682 1.70506 |
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, 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 (1.68832). The closest resistance level is Tenkan-sen line (1.69682).
On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. The instrument is trading around lower border of the cloud. The closest support level is the upper border of the cloud (1.68265). The closest resistance level is Tenkan-sen line (1.70506).
On the four-hour chart the instrument is still falling. On the daily chart the Bullish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.68832) and Stop Loss at the lower border of the cloud (1.69682).
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