Forex: Ichimoku Clouds. Review of NZD/USD
NZD/USD, H4
Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, forming Dead Cross reversal pattern. Chinkou Span is crossing the price chart from above, current cloud is still ascending. Tenkan-sen line is the closest resistance level at 0.8322. The next obstacle for the price on its way down will be the upper border of the cloud at 0.8271.
NZD/USD, D1
On the daily chart Tenkan-sen line is above Kijun-sen and they are both horizontal. Chinkou Span line is crossing the price chart; current cloud has reversed from descending to ascending. The pair weren’t able to consolidate above the cloud and returned within its borders. Senkou Span B line becomes a resistance level (0.8313). The support will be at the level of 0.8274 (Kijun-sen line).
Key levels
Support levels: 0.8271, 0.8274.
Resistance levels: 0.8322, 0.8313.
Trading tips
On the four-hour chart we’ve got signals of trend reversal. Targets for the short positions are at the level of 0.8271. On the daily chart the price has entered the cloud, it is not recommended to open new long-term trades.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies
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EUR/USD: general analysis
Yesterday Unified European currency traded in the narrow channel in the range of 60-70 points. Investors’ attention was focused on consumer price index of Eurozone, which was below expectations remaining at the previous level. According to many experts Europe is moving towards deflation, since the driving force of EU-Germany has slowed down. Inflation amounts to 1.3%, which is 2% below the target level of 2%, despite increasing consumer demand.
Support and resistance
The nearest resistance level is 1.3649 (moving average with the period 21), next resistance level is the local highs of 1.3681. Support levels are at the levels of 1.3582 (yesterday’s lows), 1.3545 (moving average with the period 100) and 1.3520 (Fibonacci retracement line 61.8%).
Trading tips
It is recommended to open long positions after breakdown of the level of 1.3620 with stop-loss at 1.3600 and a target of 1.3681.
Andrey Cherkas
Analyst of LiteForex Group of Companies
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