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USD/CAD: Ichimoku clouds 23 June 2017, 14:18


Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3228
Take Profit 1.3165
Stop Loss 1.3270
Key Levels 1.3160, 1.3200, 1.3260, 1.3285, 1.3320.



Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, 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 (1.3218). The closest resistance level is the upper border of the cloud (1.3255).



On the daily chart Tenkan-sen line is below Kijun-sen, both lines are directed downwards. 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 (1.3207). The closest resistance level is Tenkan-sen line (1.3255).

On the four-hour chart we can see a correction of the downward movement. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.3165) and Stop Loss at the lower border of the cloud (1.3270).

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