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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, red line has turned up, while the blue one remains horizontal. Chinkou Span line is below the price chart; current cloud is descending. The pair is being corrected and is trading around Kijun-sen line. Tenkan-sen line is the closest support level at 1.0903. Resistance level is the lower border of the cloud at 1.1000.

USD/CAD, D1

At the daily chart Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span line is below the price chart, current cloud is still descending. The pair is trading within the cloud, lower border of which is a strong support level at 1.0903. The closest resistance level is Tenkan-sen line (1.0964).

Key levels

Support levels:  1.0903.

Resistance levels:  1.0964, 1.1000.

Trading tips

On the four-hour chart long correction can lead to the trend reversal. Buy positions can be opened as soon as Tenkan-sen crosses Kijun-sen or Chinkou Span crosses the price chart. On the daily chart the signal to sell will appear if the price consolidates below 1.0903.

 

Anastasiya Glushkova 

Analyst of LiteForex Group of Companies 

 

Friday, 11 Apr, 2014 / 9:23

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

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