Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, forming trend reversal pattern “Dead Cross”. Chinkou Span line has crossed the price chart from above; current Kumo-cloud is ascending. The pair is trading around Senkou Span A (65.69) line and is trying to enter the cloud. The closest resistance level is Tenkan-sen line (66.91). The next obstacle for the price on its way down will be the lower border of the cloud at 64.02.
On the daily chart Tenkan-sen line is above Kijun-sen, both lines are horizontal. Chinkou Span line is above the price chart; current Kumo-cloud is ascending. After long fall, the pair has been corrected under Tenkan-sen line, which is now a resistance level (66.94). Kijun-sen line will be a support level (61.97).
Support levels: 64.02, 61.97.
Resistance levels: 66.91, 66.94.
On the four-hour chart the pair is going to enter the cloud, on the daily chart the pair is falling towards Kijun-sen line. Targets for the sell positions are around 61.97.
Analytics by LiteForex Investments LimitedPublication source