Sep 16, 2020, 8:20:51 PM

EUR/NZD: Ichimoku clouds

Let's look at the four-hour 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 (1.7269). The closest resistance level is Kijun-sen line (1.7676).

On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument has entered the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (1.7145). The closest resistance level is Tenkan-sen line (1.8224).

On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the upward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.7269) and Stop Loss at the level of Kijun-sen line (1.7676).