AUD/CAD: Ichimoku clouds



Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (0.8967). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8976).




On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from above, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (0.8862). The closest resistance level is the upper border of the cloud (0.8976).


On the four-hour chart we can see a correction of the upward movement. On the daily chart we can see the beginning of the trend reversal. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.8976) line and Stop Loss at the level of Kijun-sen line (0.8967).

Scenario

  • Timeframe

    Intraday

  • Recommendation

    BUY

  • Entry Point

    0.8972

  • Take Profit

    0.8976

  • Stop Loss

    0.8967

  • Key Levels

    0.8862, 0.8967, 0.8976