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Forex: Ichimoku Clouds. Review of NZD/USD

NZD/USD, H4

On the four-hour chart Tenkan-sen line is below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart, current cloud is descending. After long fall the pair has been corrected above Tenkan-sen line, which becomes a support level (0.8566). The closest resistance level is Kijun-sen line (0.8596).

NZD/USD, D1

Let’s look at the daily chart. Tenkan-sen line has crossed Kijun-sen from above, forming Dead Cross reversal pattern. Chinkou Span line is below the price chart; current cloud is ascending. Under the pressure of The Cross the pair has entered the cloud; its borders become support (0.8477) and resistance (0.8610) levels.

Key levels

Support levels:  0.8566, 0.8477.

Resistance levels:  0.8596, 0.8610.

Trading tips

On the four-hour chart we can see a correction of the downward movement. Pending sell orders can be placed below 0.8566, pending buy orders — above 0.8596. On the daily chart the pair is trading within the cloud, it is not recommended to open long-term trades at current price.

Anastasiya Glushkova

Analyst of LiteForex Investments Limited 

Thursday, 22 May, 2014 / 8:52

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

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