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Forex: Ichimoku Clouds. Review of XAU/USD

XAU/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Chinkou Span line is below the price chart, current Kumo-cloud is descending. After small correction the pair continues to fall. Tenkan-sen line is the closest resistance level at 1332.16. One of the previous minimums of Chinkou Span line is expected to be a support level at 1309.54.

XAU/USD, D1

On the daily chart Tenkan-sen and Kijun-sen lines are getting closer prior to the trend reversal pattern formation. Chinkou Span line is approaching the price chart from above, current cloud is ascending. The pair has broken down Tenkan-sen and Kijun-sen lines, the latter becomes at resistance level at 1349.56. The next obstacle for the price on its way down will be the upper border of the cloud at 1286.89.

Key levels

Support levels:  1309.54, 1286.89.

Resistance levels:  1332.16, 1349.56.

Trading tips

On the four-hour chart the pair starts a new wave of downward movement; on the daily chart we expect a signal of trend reversal. Targets for the short positions are 1309.54 and 1286.89.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Monday, 24 Mar, 2014 / 8:38

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

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