Published On: Wed, Mar 1st, 2017

USCrude: Ichimoku clouds

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is going to reverse from ascending to descending. The instrument is trading around lower border of the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (53.50). The closest resistance level is the lower border of the cloud (54.20). On the daily 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 is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is the upper border of the cloud (53.31). One of the previous maximums of Chikou Span line is expected to be a resistance level (54.86).
On the four-hour chart we can see the beginning of the trend reversal. On the daily chart the Bullish trend is still strong. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (54.86) and Stop Loss at the upper border of the cloud (53.31).

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Forex Analysis

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