Forex: Ichimoku Clouds. Review of XAU/USD

Forex: Ichimoku Clouds. Review of XAU/USD

XAU/USD, H4
Let’s look at the four-hour chart. Tenkan-sen and Kijun-sen lines are getting closer and soon going to form a reversal pattern. Chinkou Span line is approaching the price chart from below, current Kumo is still descending. Aftre long fall the pair is consolidating around Tenkan-sen and Kijun-sen lines. The closest resistance level is the lower border of the cloud at 1335.74. Support level is expected to be at 1309.26 (previous lows of Chinkou Span line).



XAU/USD, D1

On the daily chart Tenkan-sen line is above Kijun-sen, and they are both horizontal. Chinkou Span line is crossing the price chart from below, current cloud is descending. The pair weren’t able to break through the cloud and has pulled back under the red line. Tenkan-sen (1333.72) and Kijun-sen (1306.49) lines become resistance and support levels respectively.



Key levels
Support levels: 1309.26, 1306.49.
Resistance levels: 1333.72, 1335.74.



Trading tips
On the four-hour chart the pair is trading sideways. The signal to open long trades will be the cross of the price chart and Chinkou Span line. On the daily chart further movement of the price will be determined by the breakdown of one of the levels: Tenkan-sen or Kijun-sen.

Anastasiya Glushkova
Analyst of LiteForex Group of Companies

Views: 22

Comment

You need to be a member of My Forex Space - Online Forex Trading Community to add comments!

Join My Forex Space - Online Forex Trading Community

Featured Brokers

© 2019   Created by Sam Wexler.   Powered by

Badges  |  Report an Issue  |  Terms of Service