Published On: Tue, Feb 28th, 2017

GBP/TRY: Ichimoku clouds

InstaForex

Let’s look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading around lower border of the cloud. Merged Tenkan-sen and Kijun-sen lines have become a strong support level (4.4830). The closest resistance level is the upper border of the cloud (4.5330). On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from above, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (4.3860). The closest resistance level is the lower border of the cloud (4.5920).
On the four-hour chart we’ve got a signal of trend reversal from descending to ascending. On the daily chart the instrument is trading within the cloud. 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 4.3860, with Take Profit at 4.3150 and Stop Loss at 4.5920; buy at the level of 4.5920, with Take Profit at 4.6770 and Stop Loss at 4.3860.
Forex Analysis

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