Market Review

EUR/NZD: Ichimoku clouds



Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. 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 Kijun-sen line (1.7112). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7242).




On the daily chart Tenkan-sen and Kijun-sen lines have merged, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. Merged Tenkan-sen and Kijun-sen lines have become a strong support level (1.7091). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7263).


It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.7242) line and Stop Loss at the level of Kijun-sen line (1.7112).

Scenario

Timeframe Intraday
Recommendation BUY
Entry Point 1.7167
Take Profit 1.7242
Stop Loss 1.7112
Key Levels 1.7091 1.7112 1.7242 1.7263

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