NZD/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, they are both horizontal. Chinkou Span line is above the price chart; current cloud is ascending. The pair has entered the cloud, borders of which have become support (0.7358) and resistance (0.7419) levels.

Forex: Ichimoku Clouds. Review of NZD/USD

NZD/USD, D1

On the daily chart Tenkan-sen has crossed Kijun-sen from above, indicating new wave of downward movement. Chinkou Span line is following the price chart; current cloud is descending. Flat Kijun-sen is still a strong resistance at (0.7401). The closest support level is one of the previous minimums of Chinkou Span line  (0.7277).

Forex: Ichimoku Clouds. Review of NZD/USD

Key levels

Support levels: 0.7358, 0.7277.

Resistance levels: 0.7401, 0.7419.

Trading tips

On the four-hour chart the pair is trading within the cloud, but on the daily one we’ve got a signal to sell (a cross between Tenkan-sen and Kijun-sen lines). It is recommended to place pending orders under 4-hour cloud, at 0.7340 with targets at 0.7277.




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