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Forex: Ichimoku Clouds. Review of USD/CAD
USD/CAD, H4
On the four-hour chart Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span line is following the price chart; current cloud has reversed from ascending to descending. The pair wasn’t able to consolidate above the cloud and turned back within its borders. Tenkan-sen line is the closest support level at 1.1074. Resistance level is the upper border of the cloud at 1.1099.
USD/CAD, D1
At the daily chart Tenkan-sen line has crossed Kijun-sen from below, indicating new wave of upward movement. Chinkou Span line is following the price chart, current cloud is still ascending. The obstacke for the rise is Tenkan-sen line (1.1115). Support level is Kijun-sen line (1.1067).
Key levels
Support levels: 1.1074, 1.1067.
Resistance levels: 1.1115, 1.1099.
Trading tips
On the both charts the pair is consolidating. Pending buy orders can be placed above 1.1099 with targets around 1.1165.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies
Tuesday, 04 Mar, 2014 / 9:23
Source : http://www.liteforex.com/
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