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Forex: Ichimoku Clouds. Review of USD/CAD

USD/CAD, H4

On the four-hour chart Tenkan-sen and Kijun-sen have merged above the cloud, indicating trend reversal. Chinkou Span line is above the price chart; current cloud is going to reverse from descending to ascending.  The pair has broken through the cloud and is consolidating above it. Upper border of the cloud becomes a support level at 1.1039. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.1195.

USD/CAD, D1

At the daily chart Tenkan-sen line has crossed Kijun-sen from above, forming a reversal pattern. However, Chinkou Span line hasn’t crossed the price chart and given no confirmation of the reversal. Current cloud is still ascending. After long correction the pair went above Tenkan-sen and Kijun-sen, the later becomes a support level at (1.1064). One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.1177.

Key levels

Support levels:  1.1064, 1.1039.

Resistance levels:  1.1177, 1.1195.

Trading tips

On the four-hour chart we’ve got a signal to buy, while daily chart confirms th upward trend. Targets for the long positions are 1.1177 and 1.1195.

 

Anastasiya Glushkova 
Analyst of LiteForex Group of Companies 

Thursday, 20 Feb, 2014 / 10:28

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

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