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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 below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart; current cloud is descending. The pair continues to fall, the closest resistance level is Tenkan-sen line at 19.90. One of the previous minimums of Chinkou Span line is expected to be a support level at 19.34.

XAG/USD, D1

On the daily chart Tenkan-sen line has crossed Kijun-sen from above, forming trend reversal pattern. Chinkou Span line has crossed the price chart from above; current cloud is still ascending. The pair has broken down the cloud and is still falling. The closest resistance level is Senkou Span B line (20.33). One of the previous minimums of Chinkou Span line is expected to be a support level at 19.16.

Key levels

Support levels:  19.34, 19.16.

Resistance levels:  19.90, 20.33.

Trading tips

Both charts confirm Bearish trend, targets for the short positions are 19.34 and 19.16.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Thursday, 27 Mar, 2014 / 8:08

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

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