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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 above Kijun-sen, they are both horizontal. Chinkou Span line is approaching the price chart from above; current Kumo-cloud is ascending. The pair has broken down Tenkan-sen and Kijun-sen lines; the latter has become a resistance level (1295.07). The next obstacle for the price on its way down will be the upper border of the cloud at 1289.56.

XAU/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, the lines became horizontal, indicating flat market. Chinkou Span line is following the price chart, current cloud is descending. The pair is trading within a wide sideways channel; the closest resistance level is Tenkan-sen line (1295.07). One of the previous minimums of Chinkou Span line is expected to be a support level at 1278.50.

Key levels

Support levels:  1289.56, 1278.50.

Resistance levels:  1295.07.

Trading tips

On the four-hour chart the fall of the price has been stopped by the cloud. Targets for the short-term BUY trades are at the level of 1295.07. Pending sell orders can be placed below 1287.25.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Thursday, 08 May, 2014 / 10:01

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

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