GBP/NZD: ICHIMOKU INDICATORS ANALYSIS

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GBP/NZD: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeIntraday
RecommendationBUY
Entry Point2.0571
Take Profit2.0722
Stop Loss2.0523
Key Levels2.0434, 2.0523, 2.0613, 2.0722
GBP/NZD: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is going to reverse from ascending to descending. The instrument is trading around upper border of the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (2.0434). The closest resistance level is Kijun-sen line (2.0613).


GBP/NZD: ICHIMOKU INDICATORS ANALYSIS

On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is the upper border of the cloud (2.0523). One of the previous maximums of Chikou Span line is expected to be a resistance level (2.0722).


On the four-hour chart we can see a correction of the upward movement. 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 (2.0722) and Stop Loss at the upper border of the cloud (2.0523).

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