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Forex: Ichimoku Clouds. Review of NZD/USD

LiteForex

NZD/USD, H4

Let’s look at the four-hour chart. Tenkan-sen and Kijun-sen lines have almost merged under the cloud, indicating a new wave of the downward movement. Chinkou Span has crossed the price chart from above; current cloud is descending. The closest resistance level is Tenkan-sen line (0.8220). One of the previous minimums of Chinkou Span line is expected to be a support level (0.8135).

NZD/USD, D1

On the daily chart Tenkan-sen line has crossed Kijun-sen from above within the cloud. Chinkou Span line has crossed the price chart from above; current cloud is going to reverse from ascending to descending. The pair has broken down the cloud and is still falling. Senkou Span A line becomes a resistance level (0.8239). One of the previous minimums of Chinkou Span line is expected to be a support level (0.8135).

Key levels

Support levels: 0.8135.

Resistance levels: 0.8220, 0.8239.

Trading tips

Bearish trend is getting stronger on the both timeframes. The targets for the short positions are at 0.8135.

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Source: https://www.liteforex.com/
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