Market Review

EUR/NZD: Ichimoku clouds



Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has broken down Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (1.6677). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.6781).




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 is above the price chart, current cloud is descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (1.6610). The closest resistance level is the lower border of the cloud (1.6810).


On the four-hour chart the instrument is still rising. On the daily chart the instrument is trading within the cloud. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (1.6781) and Stop Loss at the upper border of the cloud (1.6677).

Scenario

Timeframe Intraday
Recommendation BUY
Entry Point 1.6716
Take Profit 1.6781
Stop Loss 1.6677
Key Levels 1.6610 1.6677 1.6781 1.6810

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