Published On: Wed, Apr 26th, 2017

ASX200: Ichimoku clouds

InstaForex
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 above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (5922.8). One of the previous maximums of Chikou Span line is expected to be a resistance level (5939.2). On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . 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. The closest support level is Tenkan-sen line (5868.3). One of the previous maximums of Chikou Span line is expected to be a resistance level (5944.7).
Short trades can be opened as soon as we get a confirmative signal from Chikou Span line (the line should cross the price chart). Presumable entry point is 5941.9, Take Profit – 5868.0, Stop Loss – 5951.0.

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Forex Analysis

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