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.
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).
Support levels: 0.7399, 0.7330.
Resistance levels0.7487, 0.7532.
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.
Analyst of LiteForex Investments Limited