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Forex: Ichimoku Clouds. Review of NZD/USD

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 

Monday, 31 Mar, 2014 / 10:36

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

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