May 22, 2020, 7:09:55 PM

EUR/NZD: Ichimoku clouds



Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.7858). The closest resistance level is the upper border of the cloud (1.7929).




On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span has crossed the price chart from above, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.7628). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.8216).


On the both charts the instrument is still falling. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.7763) and Stop Loss at the lower border of the cloud (1.7929).

Scenario

  • Timeframe

    Intraday

  • Recommendation

    SELL

  • Entry Point

    1.7881

  • Take Profit

    1.7763

  • Stop Loss

    1.7929

  • Key Levels

    1.7628, 1.7858, 1.7929, 1.8216

Tifia trading account

Open

EUR/NZD forecast for today.