GBP/CAD: Ichimoku clouds

17.09.2020

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading around lower border of the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (1.6903). The closest resistance level is the upper border of the cloud (1.7146).




On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below 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 (1.6820). The closest resistance level is Kijun-sen line (1.7182).


On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.6903) and Stop Loss at the level of Kijun-sen line (1.7146).

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