GBP/CAD: ICHIMOKU INDICATORS ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 1.7720 |
| Take Profit | 1.7857 |
| Stop Loss | 1.7678 |
| Key Levels | 1.7580, 1.7678, 1.7754, 1.7857 |
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading around lower border of the cloud. The closest support level is Kijun-sen line (1.7754). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7580).
On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (1.7678). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7857).
On the four-hour chart we can see a correction of the upward movement. On the daily chart the Bullish trend is still strong. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (1.7857) and Stop Loss at the upper border of the cloud (1.7678).
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