Published On: Mon, Feb 27th, 2017

USD/CAD: Ichimoku clouds

InstaForex

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (1.3129). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.3195). On the daily 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 crossing the price chart from below, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Tenkan-sen and Kijun-sen lines have become support (1ю3108) and resistance (1.3150) levels respectively
On the four-hour chart the instrument is still rising. On the daily chart we can see the beginning of the trend reversal. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.3195) line and Stop Loss at the level of Kijun-sen line (1.3129).
Forex Analysis

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