GBP/NZD: Ichimoku clouds



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. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (1.9200). The closest resistance level is Tenkan-sen line (1.9230).




On the daily chart Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Kijun-sen line (1.8985). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.9339).


On the four-hour chart we can see the beginning of the trend reversal. On the daily chart the Bullish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.9339) line and Stop Loss at the level of Kijun-sen line (1.8985).

Scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY

  • Entry Point

    1.9198

  • Take Profit

    1.9339

  • Stop Loss

    1.8985

  • Key Levels

    1.8985, 1.9200, 1.9230 1.9339