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Forex: Ichimoku Clouds. Review of XAG/USD

XAG/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are horizontal. Chinkou Span line is above the price chart; current cloud is ascending. The pair is trading within an upward channel and is being corrected under Tenkan-sen line, which becomes a resistance level at 20.23. Kijun-sen line is the closest support level at 20.07.

XAG/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, and they are both horizontal. Chinkou Span line is following the price chart, current Kumo has reversed from descending to ascending. The pair is trading within the cloud; its upper border is the closest resistance level at 20.38. Kijun-sen line is going to be a support level at 19.79.

Key levels

Support levels:  20.07, 19.79.

Resistance levels:  20.23, 20.38.

Trading tips

On the four-hour chart further movement of the price will be determined by the breakdown of one of the levels: Tenkan-sen or Kijun-sen. On the daily chart the price is still trading within the cloud; pending buy orders can be placed above 20.38. 

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Thursday, 13 Feb, 2014 / 8:13

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

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