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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, indicating a new wave of downward movement. Chinkou Span line is below the price chart; current cloud is descending. The pair has broken down the cloud, but slowed down its fall and been corrected to the Tenkan-sen line. The closest resistance level is Kijun-sen line at 1.0615. One of the previous minimums of Chinkou Span line is expected to be a support level at 1.0525.
USD/CAD, D1
At the daily chart Tenkan-sen line is above Kijun-sen, both lines are horizontal. Chinkou Span line is above the price chart; current cloud is ascending. After long rise the price has been corrected under Tenkan-sen line, which becomes a resistance level (1.0634). The closest support level is Kijun-sen line at 1.0560.
Key levels
Support levels: 1.0525, 1.0560.
Resistance levels: 1.0615, 1.0634.
Trading tips
On the four-hour chart we can see a slowdown of the downward trend. It’s a good opportunity to open new sell positions with targets around 1.0525. 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 Group of Companies
Tuesday, 17 Dec, 2013 / 9:01
Source : https://www.liteforex.com/
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