Wednesday, 18 October 2017

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AUD/USD: Ichimoku clouds

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Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud has reversed from descending to ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (0.7694). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.7800).


 

On the daily chart Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (0.7621). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.7800).
Recommendation

On the both charts the instrument is still rising. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.7800) line and Stop Loss at the level of Kijun-sen line (0.7584).

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