Published On: Fri, Feb 24th, 2017

NZD/USD: Ichimoku clouds

InstaForex

Let’s look at the four-hour 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 ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.7180). The closest resistance level is the lower border of the cloud (0.7240). On the daily chart Tenkan-sen line is below Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (0.7131). The closest resistance level is Kijun-sen line (0.7252).
On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bullish trend is still strong. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 0.7180, with Take Profit at 0.7140 and Stop Loss at 0.7240; buy at the level of 0.7240, with Take Profit at 0.7300 and Stop Loss at 0.7140.
Forex Analysis

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