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Forex: Ichimoku Clouds. Review of NZD/USD
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
Thursday, 30 Jan, 2014 / 9:05
Source : http://www.liteforex.com/
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