AUD/CAD: Ichimoku clouds

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04/07/2020

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.8524). The closest resistance level is the lower border of the cloud (0.8667).




On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (0.8586). The closest resistance level is the upper border of the cloud (0.8751).


On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bearish trend is still strong. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 0.8524, with Take Profit at 0.8410 and Stop Loss at 0.8667; buy at the level of 0.8667, with Take Profit at 0.8815 and Stop Loss at 0.8524.

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