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GBP/NZD: Ichimoku indicators analysis

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GBP/NZD: Ichimoku indicators analysis
Scenario
TimeframeIntraday
RecommendationSELL
Entry Point2.1434
Take Profit2.1271
Stop Loss2.1493
Key Levels2.1339, 2.1489, 2.1338, 2.1488
GBP/NZD: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (2.1339). One of the previous maximums of Chikou Span line is expected to be a resistance level (2.1489).


GBP/NZD: Ichimoku indicators analysis

On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (2.1338). One of the previous maximums of Chikou Span line is expected to be a resistance level (2.1488).


On the four-hour chart the instrument is still falling. On the daily chart we can see the beginning of the trend reversal. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (2.1271) and Stop Loss at the level of Kijun-sen line (2.1493).


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