GBP/NZD: ICHIMOKU INDICATORS ANALYSIS
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud has reversed from descending to ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (2.0640). One of the previous maximums of Chikou Span line is expected to be a resistance level (2.0800).
On the daily chart Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is approaching the price chart from below, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is the lower border of the cloud (2.0495). One of the previous maximums of Chikou Span line is expected to be a resistance level (2.0911).
On the four-hour chart the instrument is still rising. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (2.1040) and Stop Loss at the upper border of the cloud (2.0593).
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