Let’s look at the four-hour chart. Tenkan-sen is below Kijun-sen, they are both horizontal. Confirmative Chinkou Span line is below the price chart; current Kumo-cloud has reversed from ascending to descending. The price has entered the cloud and is trading above its upper border (3.0227). The closest resistance level is Kijun-sen line at 3.0368.

Forex: Ichimoku Clouds. Review of USD/TRY


On the daily chart Tenkan-sen line is above Kijun-sen, they are both directed upwards. Confirmative Chinkou Span line is above the price chart; current cloud is ascending. After long rise the pair has been corrected to the Tenkan-sen line. The support level is Kijun-sen line (2.9890). One of the previous maximums of Chinkou Span line is expected to be a resistance level at 3.0870.

Forex: Ichimoku Clouds. Review of USD/TRY

Key levels

Support levels: 3.0227, 2.9890.

Resistance levels: 3.0368, 3.0870.

Trading tips

On the four-hour chart the pair is trading within the cloud, it is not recommended to open new trades at current price. On the daily chart the upward trend is still strong. Pending buy orders can be placed at 3.0390 with targets at 3.0655 and stop-loss at 3.0227.





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