USDCAD H1: The Ichimoku Forecast for the Asian Session on 22.11.2024
22.11.2024 00:01
Technical
Analyzing previous trading sessions, it is worth paying attention to the intersection of the Tenkan and Kijun lines, marked with a pink square. The fast Tenkan line fell below the Kijun line, which usually signals a change in trend to a downward one. However, later the price rose above the Tenkan line, which indicates the weakness of the downward impulse.
The second important signal is a change in the color of the Kumo cloud, which is marked with a vertical purple line on the graph . The appearance of a lilac color in the cloud indicates a change in the priority direction of movement to downward.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The Tenkan line remains below the Kijun line. However, the price has broken above both lines and moved higher.
Now the Kumo cloud is tinted lilac, which indicates a possible change in price dynamics in a negative direction.
In the current market profile, the price has fixed below the Kumo cloud. The boundaries of the cloud form a dynamic resistance zone for the price.
The Chinkou line, which displays the closing price with a lag of 26 periods, is above the current price.
Trading recommendations:
The dynamic support level is on the Tenkan line, around the 1.39520 mark.
Dynamic resistance levels are located on the Kijun line, near the 1.39605, the SenkouA line, at the 1.39880 mark, and the SenkouB line, near the 1.40122 mark.
The main Ichimoku system indicators prioritize searching for entry points into short positions, on a price rollback to the resistance levels.
The second important signal is a change in the color of the Kumo cloud, which is marked with a vertical purple line on the graph . The appearance of a lilac color in the cloud indicates a change in the priority direction of movement to downward.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The Tenkan line remains below the Kijun line. However, the price has broken above both lines and moved higher.
Now the Kumo cloud is tinted lilac, which indicates a possible change in price dynamics in a negative direction.
In the current market profile, the price has fixed below the Kumo cloud. The boundaries of the cloud form a dynamic resistance zone for the price.
The Chinkou line, which displays the closing price with a lag of 26 periods, is above the current price.
Trading recommendations:
The dynamic support level is on the Tenkan line, around the 1.39520 mark.
Dynamic resistance levels are located on the Kijun line, near the 1.39605, the SenkouA line, at the 1.39880 mark, and the SenkouB line, near the 1.40122 mark.
The main Ichimoku system indicators prioritize searching for entry points into short positions, on a price rollback to the resistance levels.