Thursday, April 14, 2016

USD/CAD: Ichimoku clouds

Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2858
Take Profit 1.2551
Stop Loss 1.2981
Key Levels 1.2551, 1.2759, 1.2981, 1.3030, 1.3074, 1.3380
 
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 above the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Tenkan-sen and Kijun-sen lines have become support (1.2820) and resistance (1.2885) levels respectively  
On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is descending. 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 (1.2759). The closest resistance level is Kijun-sen line (1.2981).
On the both charts the instrument is still rising. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.2551) and Stop Loss at the level of Kijun-sen line (1.2981).


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