Forex: Ichimoku Clouds. Review of XAG/USD

September 17, 2014

XAG/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, forming Golden Cross reversal pattern. However, upward impetus wasn’t enough, and the pair returned under red and blue lines. Chinkou Span line is still below the price chart; current Kumo-cloud is descending. The closest resistance level is Kijun-sen line (18.70). One of the previous minimums of Chinkou Span line is expected to be a support level at 18.51.

XAG/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Chinkou Span line is below the price chart, current cloud is descending. The pair has been corrected up after long fall, the closest resistance level is still Tenkan-sen line (18.88). One of the previous minimums of Chinkou Span line is expected to be a support level at 17.45.

Key levels

Support levels:  18.51, 17.45.

Resistance levels: 18.70, 18.88.

Trading tips

On the four-hour chart the pair weren’t able to reach the cloud and returned within the Bearish trend, which is confirmed on the daily chart. Short positions can be opened at current price with targets at 18.51 and 17.45

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