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Forex: Ichimoku Clouds. Review of NZD/USD

LiteForex

NZD/USD, H4

On the four-hour chart Tenkan-sen line is above Kijun-sen, both lines are horizontal. Chinkou Span line is above the price chart, current cloud is ascending. After strong rise the pair has been corrected under Tenkan-sen line, which is now a resistance level (0.8672). The closest support level is Kijun-sen line (0.8614).

NZD/USD, D1

Let’s look at the daily chart. Tenkan-sen line is above Kijun-sen, they are both horizontal. Chinkou Span line is above the price chart; current cloud is ascending. However, downward correction wasn’t long enough and Tenkan-sen line is still a support level (0.8599). One of the previous maximums of Chinkou Span line is expected to be a resistance level at 0.879.

Key levels

Support levels: 0.8614, 0.8599.

Resistance levels: 0.8672, 0.8790.

Trading tips

On the four-hour chart we can see a correction of the upward movement, although daily chart confirms the Bullish trend. Targets for the long positions are 0.8672 and 0.8790.

Anastasiya Glushkova
Analyst of LiteForex Group of Companies

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