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Forex: Ichimoku Clouds. Review of USD/CAD

USD/CAD, H4

On the four-hour chart Tenkan-sen line has crossed Kijun-sen from below, forming Golden Cross reversal pattern. Chinkou Span line has crossed the price chart from below; current cloud is descending. Tenkan-sen line is the closest support level at 1.0894. The next obstacle for the price on its way up will be the lower border of the cloud (1.0928).

USD/CAD, D1

At the daily chart Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span line is approaching the price chart from below, current cloud is still descending. The pair is trading between Tenkan-sen and Kijun-sen lines, which have become support (1.0909) and resistance (1.0932) levels respectively.

Key levels

Support levels:  1.0909, 1.0894.

Resistance levels:  1.0928, 1.0932.

Trading tips

On the four-hour chart we’ve got a signal to buy. Targets for the long positions are around 1.0928. On the daily chart further movement of the price will be determined by the breakdown of one of the levels: Tenkan-sen or Kijun-sen.

 

Anastasiya Glushkova
Analyst of LiteForex Investments Limited 

Tuesday, 13 May, 2014 / 9:10

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

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