Ichimoku Clouds. Review of NZD/USD

February 13, 2015

NZD/USD, H4

Let’s look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged above the cloud and remain horizontal, reflecting the uncertainty of the market. Chinkou Span line is above the price chart; current cloud is ascending. The closest support level is merged Tenkan-sen and Kijun-sen lines (0.7399). One of the previous maximums of Chinkou Span line is expected to be a resistance level at 0.7487.

NZD/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span line is below the price chart; current cloud is descending. The pair has been corrected above Tenkan-sen line (0.7330), which is a support level now. The closest resistance level is Kijun-sen line (0.7532).

Key levels

Support levels: 0.7399, 0.7330.
Resistance levels0.7487, 0.7532.

Trading tips

On the four-hour chart the price can’t break down strong support level of 0.7399. On the daily chart we can see a correction of the downward movement. Target for the short-term buy orders is 0.7532.

Anastasiya Glushkova
Analyst of LiteForex Investments Limited

Publication source
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