AUD/CAD: ICHIMOKU INDICATORS ANALYSIS

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AUD/CAD: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point0.8734
Take Profit0.8516
Stop Loss0.8800
Key Levels0.8696, 0.8763, 0.8697, 0.8763
AUD/CAD: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is going to reverse from descending to ascending. The instrument is trading around upper border of the cloud. The closest support level is the lower border of the cloud (0.8696). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8763).


AUD/CAD: ICHIMOKU INDICATORS ANALYSIS

On the daily 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 descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (0.8697). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8763).


On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.8516) and Stop Loss at the level of Kijun-sen line (0.8800).

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