AUD/CAD: Ichimoku indicators analysis

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AUD/CAD: Ichimoku indicators analysis
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point0.9233
Take Profit0.9258
Stop Loss0.9227
Key Levels0.9197, 0.9285, 0.9162, 0.9288
AUD/CAD: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, both lines are directed upwards. Confirmative line Chikou Span is below the price chart, current cloud has reversed from ascending to descending. The instrument is trading around lower border of the cloud. The closest support level is Tenkan-sen line (0.9197). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.9285).


AUD/CAD: Ichimoku indicators analysis

On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (0.9162). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.9288).


On the four-hour chart we can see the beginning of the trend reversal. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.9258) line and Stop Loss at the level of Kijun-sen line (0.9227).


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