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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. With the help of The Cross the pair has broken through the cloud, but wasn’t able to consolidate above its upper border. Chinkou Span line is above the price chart; current cloud is descending. The closest support level is Tenkan-sen line (1.0893). Resistance level is Senkou Span B line (1.0909).

USD/CAD, D1

At the daily chart Tenkan-sen line is below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart, current cloud is still descending. The pair has been corrected above Tenkan-sen line, which becomes a support level at 1.0871. The closets resistance level is Kijun-sen line (1.0932).

Key levels

Support levels:  1.0893, 1.0871.

Resistance levels:  1.0909, 1.0932.

Trading tips

On the four-hour chart the pair is trading within the cloud, it is not recommended to open new trades at current price. However, pending buy orders should be placed above 1.0909. On the daily chart further movement of the price will be determined by the breakdown of one of the lines: Tenkan-sen or Kijun-sen.

Anastasiya Glushkova
Analyst of LiteForex Investments Limited 

Wednesday, 21 May, 2014 / 12:50

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

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