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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 merged under the cloud, indicating a trend reversal. Chinkou Span has crossed the price chart from below; current cloud is still descending. The closest support level is Tenkan-sen line (0.8153). The next obstacle for the price on its way up will be the lower border of the cloud at 0.8243).

NZD/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen and the price is stuck between them. Chinkou Span line has crossed the price chart from below; current cloud has reversed from ascending to descending. After a steeply fall the pair has been corrected above Tenkan-sen line, which becomes a support level at 0.8183. The closest resistance level is Kijun-sen line (0.8241).

Key levels

Support levels:  0.8153, 0.8183.

Resistance levels:  0.8243, 0.8241.

Trading tips

On the four hour chart we’ve got signals of trend reversal, the targets for the long positions are at 0.8243. On the daily chart we can see a correction of the downward movement.  

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Wednesday, 05 Feb, 2014 / 10:42

Source : http://www.liteforex.com/

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