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Forex: Ichimoku Clouds. Review of USD/CAD
USD/CAD, H4
On the four-hour chart Tenkan-sen line is above Kijun-sen, they are both horizontal. Chinkou Span line is above the price chart; current cloud is ascending. The pair has broken down Tenkan-sen and Kijun-sen lines; the later becomes a resistance level at 1.1151. The next obstacle for the price on its way down will be the upper border of the cloud at 1.1069.
USD/CAD, D1
At the daily chart Tenkan-sen line is above Kijun-sen, the blue line is horizontal while the red one is directed upwards. Chinkou Span line is above the price chart; current cloud is ascending. The closest support level is Tenkan-sen line at 1.1083. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.1175.
Key levels
Support levels: 1.1069, 1.1083.
Resistance levels: 1.1151, 1.1175.
Trading tips
On the four-hour chart we can see a correction of an upward trend. The signal to sell will appear if Tenkan-sen crosses Kijun-sen from above. Daily chart indicates the continuation of the Bearish movement. It’s a good opportunity to open new buy positions with targets around 1.1175.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies
Monday, 03 Feb, 2014 / 9:18
Source : http://www.liteforex.com/
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