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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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