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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 above, forming Dead Cross reversal pattern. Under the pressure of the Cross the pair is entering the cloud. Chinkou Span line has crossed the price chart from above; current cloud is still ascending. The closest support level is the lower border of the cloud at 1.0597. Tenkan-sen line is a resistance level at 1.0648.

USD/CAD, D1

At the daily chart Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Chinkou Span line is above the price chart; current cloud is ascending. After long rise the price has been corrected to the level of Tenkan-sen line. The closest support level is Kijun-sen line at 1.0556. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.0700.

Key levels

Support levels:  1.0597, 1.0556.

Resistance levels:  1.0648, 1.0700.

Trading tips

On the four-hour chart we got two signals to sell from Tenkan-sen, Kijun-sen and Chinkou Span lines.The target for the short positions is 1.0597. Daily chart doesn’t confirm trend reversal, but indicates the correction of the uprising trend.

 

Anastasiya Glushkova 
Analyst of LiteForex Group of Companies 

Tuesday, 10 Dec, 2013 / 7:11

Source : https://www.liteforex.com/

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