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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, the red line is directed upwards, while the blue one remains horizontal. Chinkou Span line is aabove the price chart, current cloud is ascending. The pair has broken through the cloud from below and continues to rise. The closest support level is Tenkan-sen line at 20.08. One of the previous maximums of Chinkou Span line is going to be a resistance level at 20.77.

XAG/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, and they are both horizontal.  Chinkou Span line is below the price chart, current Kumo is descending.  After a long fall the price has been corrected above Tenkan-sen line, which became a support level at 19.65. The next obstacle for the price on its way up will be Kijun-sen line at 20.47

Key levels

Support levels:  20.08, 19.65.

Resistance levels:  20.47, 20.77.

Trading tips

On the four-hour chart Ichimoku lines indicate the continuation of the Bullish trend. On the daily chart we can see a development of trend reversal. Targets for the long positions are20.47 and 20.77.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Wednesday, 11 Dec, 2013 / 8:49

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

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