Published On: Tue, Mar 21st, 2017

GBP/TRY: Ichimoku clouds

InstaForex

Let’s look at the four-hour 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 approaching the price chart from below, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (4.4973). The closest resistance level is the upper border of the cloud (4.5415). On the daily chart Tenkan-sen line is crossing Kijun-sen from above, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from below, current cloud is going to reverse from ascending to descending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (4.5187). The closest resistance level is Kijun-sen line (4.5256).
On the four-hour chart we can see a correction of the downward movement. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (4.4659) and Stop Loss at the lower border of the cloud (4.5671).
Forex Analysis

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>