Ichimoku Clouds. Review of XAU/USD

February 19, 2015

XAU/USD, H4
Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart; current Kumo-cloud is descending. The pair has broken through Tenkan-sen and Kijun-sen lines, the latter becomes a support level (1216.88). The next obstacle for the price on its way up will be the lower border of the cloud (1227.81).

XAU/USD, D1
On the daily chart Tenkan-sen line is also below Kijun-sen, the red line is directed steeply down down, while the blue one remains horizontal. Chinkou Span line has crossed the price chart from above; Senkou Span A and Senkou Span B lines have merged prior to the cloud reversal. The pair has bounced of the upper border of the cloud (1205.78). Tenkan-sen lineis the closest resistance (1221.52) level.

Key levels
Support levels: 1216.88, 1205.78.
Resistance levels: 1221.52, 1227.81.

Trading tips
On the four-hour chart we can see the beginning of trend reversal, on the daily on the pair has bounced of support level of Senkou Span A line. Short-term buy orders can be opened at current price with targets at 1221.52 and 1227.81.

Publication source
LiteForex information  LiteForex reviews

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