Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (3.5596). One of the previous maximums of Chikou Span line is expected to be a resistance level (3.6248).
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 descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (3.5261). The closest resistance level is Kijun-sen line (3.6344).
On the four-hour chart the instrument is still rising. On the daily chart the Bearish trend is still strong. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (3.6248) and Stop Loss at the upper border of the cloud (3.5596).
|Key Levels||3.5261 3.5596 3.6248 3.6344|