NZD/USD, H4

Let’s look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged above the cloud and stay horizontal, indicating sideways movement. Chinkou Span line is above the price chart; current cloud has reversed from descending to ascending. Kijun-sen is the closets support level (0.7410). One of the previous maximums of Chinkou Span line is expected to be a resistance level (0.7500).

Forex: Ichimoku Clouds. Review of NZD/USD

NZD/USD, D1

On the daily chart Tenkan-sen is below Kijun-sen, they are both horizontal. Chinkou Span line is following the price chart; current cloud is descending. The closest resistance level is the upper border of the cloud  (0.7543).  Kijun-sen will be a support level at 0.7401.

Forex: Ichimoku Clouds. Review of NZD/USD

Key levels

Support levels: 0.7410, 0.7401.

Resistance levels: 0.7500, 0.7543.

Trading tips

On the four-hour chart the pair has broken through the cloud and continues to rise, however, on the daily chart the pair is trading within the cloud. Short-term long positions can be opened at current price with targets at 0.7500. Long-term buys should be placed above 0.7543 with targets at 0.7700-0.7800.




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