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The analyst of TeleTrade, Marios Athinodorou, presents a technical analysis on three major pairs.
GBPUSD Daily Timeframe
Based on the Ichimoku system, the pair GBPUSD seems to go long. The Kumo cloud seems to be bullish and heading up. For the time being, it is giving the impression that the trend may continue climbing. Now, the lines Tekan Sen and Kijun Sen, appear in bullish formation, but the Chikou span seems to be below the price. It could be noticed a small price retracement, so it would be interesting to see whether the price would bounce on the Senkou span A, the upper line of the cloud. In order to spot this, we may move down to the 1H timeframe.
GBPUSD 1H Timeframe
Based on the Ichimoku system, the 1H timeframe demonstrates a bearish picture. That is to say, the cloud seems to be bearish with a downslope. The Tenkan Sen, Kijun Sen and the Chikou span appear below the Kumo, and the two lines seem to be in bear formation. If the price breaks the Kumo to the long side and it is taken into consideration the bigger timeframe, then we could consider looking for potential long signals.
EURUSD Daily Timeframe
Based on the Ichimoku system, it could be noticed that on the EURUSD daily timeframe the price seems to be in a range. This could be identified by the following facts. Firstly, the price seems to create almost even levels of support and resistance. Secondly, the Tekan Sen, Kiju Sen and Chikou Span lines appear inside the Kumo cloud. Now, a clear direction of the price could be noticed. Precisely, this could be spotted by going on the 1H timeframe.
EURUSD 1H Timeframe
On the 1H timeframe, the price seems to be in a bearish mode. Based on the rules of the Ichimoku system, the price appears below the Kumo cloud. The Tekan Sen, Kijun Sen, and Chikou span seem to be in bear formation too. If the price moves below the Tekan Sen, then we could consider looking for signals in accordance with the Ichimoku rules.
USDJPY Daily Timeframe
The pair USDJPY gives the impression that is trying to break the Kumo. This could be supported by the fact that the Tekan Sen and Kijun Sen seem to be in bullish formation, and the Chikou span above the price. The move could be captured by going down to the 1H timeframe and look for potential developing signals.
USDJPY 1H Timeframe
Based on the Ichimoku system, the price seems to be long and the cloud bullish on the 1H timeframe. In addition to this, the Tekan Sen and Kijun Sen are in bullish formation, and the Chikou span appears above the price. It might be considered important to notice that if the price retraced 50%-68% Fibonacci retracement level, then we could consider to start looking for developing long signals. Nevertheless, if the price moves below the Kumo, then we could consider looking for short signals in accordance with the Ichimoku rules.
About the Author:
Marios Athinodorou is TeleTrade’s market analyst and commentator. Apart from being an experienced trader, Marios is an advanced technical analyst and is interested in trading psychology. He has 7 years of trading expertise in Forex and CFDs, providing insights to share with all kinds of traders, from beginners to experts. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars, here.
Disclaimer: Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and education purposes. Personal Opinion of the Author does not represent and should not be construed as a statement or an investment advice made by TeleTrade. All Indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
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