AUD/CAD: Ichimoku clouds 12 February 2019, 05:56

AUD/CAD: Ichimoku clouds

12 February 2019, 05:56

Scenario
Timeframe	Intraday
Recommendation	BUY STOP
Entry Point	0.9420
Take Profit	0.9475
Stop Loss	0.9390
Key Levels	0.9380, 0.9399, 0.9412, 0.9430, 0.9444.

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (0.9390). The closest resistance level is Tenkan-sen line (0.9412).



On the daily chart Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. 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 (0.9383). The closest resistance level is the upper border of the cloud (0.9440).

On the four-hour chart we can see a correction of the upward movement. On the daily chart we can see a correction of the upward movement. Long trades can be opened as soon as we get a confirmative signal from Chikou Span line (the line should cross the price chart). Presumable entry point is 0.9420, Take Profit – 0.9475, Stop Loss – 0.9390.