Published On: Sat, Mar 11th, 2017

GBP/TRY: Ichimoku clouds

InstaForex
Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (4.5324). The closest resistance level is the upper border of the cloud (4.5392). 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 below the price chart, current cloud has reversed from ascending to descending. The instrument has broken down Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (4.5184). The closest resistance level is the upper border of the cloud (4.5543).
On the both charts the instrument is still falling. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (4.5230) and Stop Loss at the lower border of the cloud (4.5392).

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Forex Analysis

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