Forex: Ichimoku Clouds. Review of EUR/USD
EUR/USD, H4
On the four-hour chart Tenkan-sen line is above Kijun-sen, the lines are moving upwards. Chinkou Span line has crossed the price chart from below, current Kumo is ascending. With the help of Golden Cross the pair has entered the cloud from below and is probably going to trade within it for a couple of days. The closest support level is Tenkan-sen line (1.3469). The next obstacle for the price on its way up will be the upper border of the cloud (1.3540).
EUR/USD, D1
Let’s look at the daily chart. Tenkan-sen is below Kijun-sen, and they are both horizontal. Chinkou Span is above the price chart, current cloud is getting narrower before the reversal from ascending to descending. Under the pressure of the Dead Cross, the pair has broken through the cloud but weren’t able to consolidate below, so the price has broken through the upper border of the cloud. The closest resistance level is Kijun-sen line at 1.3563. The upper border f the cloud is a support level at 1.3469.
Key levels
Support levels: 1.3469.
Resistance levels: 1.3540, 1.3563.
Trading tips
On the four-hour chart the pair has entered the cloud, pending buy orders can be placed above 1.3540. However on the daily chart the price has broken through the cloud, giving a signal to open buy positions with targets at 1.3563.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies
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Brent: general analysis
Current trend
At the opening of the trading session this week crude oil Brent slightly fell in price due to the increase of export of the “black gold” from Saudi Arabia. At the moment the instrument is trading at the level of 108.10. Oil will continue to grow this week because the US Fed is going to keep previous volume of the incentive program. Although some experts believe that the demand exceeds the supply and correction within uptrend may continue.
Support and resistance
The first obstacle for the “bulls” will be the level of 108.60 (Highs of last Friday). Next resistance level is the highs of November at the level of 108.89. Support levels: 107.66 and 106.70.
Trading tips
Pending buy orders can be placed at the level of 108.60 with profit taking at 108.89.
Andrey Cherkas
Analyst of LiteForex Group of Companies
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GBP/USD: general analysis
Current trend
Last Friday the British currency was able to consolidate above the level of 1.6100 and now the pair GBP/USD is testing the level of 1.6134 (highs of Friday). Last week the Bank of England raised the economic growth forecast for this year from 1.4% to 1.6% and for the next year from 2.5% up to 2.8%. According to British regulator target of unemployment rate of 7% can be reached next year. His statement encouraged the “bulls” to act more actively.
Support and resistance
The nearest resistance level on the daily chart is 1.6134 (highs of last Friday). Next obstacle for the upward movement in price will be the local highs of 1.6180 and 1.6256. Support levels are 1.6100 and 1.6047.
Trading tips
MACD histogram has reached the zero line and went up, suggesting that uptrend may continue up to the level of 1.6256. Long positions can be opened above the level of 1.6134 with profit taking at the level of 1.6180.
Andrey Cherkas
Analyst of LiteForex Group of Companies
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