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> Technical Analysis 10.10.2017 - AUD/CAD: Ichimoku clouds
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Technical Analysis 10.10.2017 - AUD/CAD: Ichimoku clouds

STO

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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 has crossed the price chart from above, current cloud is going to reverse from descending to ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (0.9735). The closest resistance level is the upper border of the cloud (0.9750).

On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from below, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (0.9729). The closest resistance level is Tenkan-sen line (0.9768).

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/technical-analysis-10102017-audcad-ichimoku-clouds/?camp=24219
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