USDCAD H1: The Ichimoku Forecast for the American Session on 22.11.2024
22.11.2024 15:46
Technical
Analysis of the market situation, developed in previous trading sessions, shows the intersection of the Tenkan and Kijun lines. Typically, this signal indicates an upcoming increase, but subsequently the price fell below the Tenkan line.
The second most important signal is a change in the direction of movement of the cloud Kumo. This signal is marked on the chart with a vertical purple line. The orange color of the cloud indicates a change in the priority direction of movement to upward.
The current situation:
Let's look at the main components of the indicator and their current values:
The price is now positioned between the Tenkan and the Kijun lines, indicating a temporary consolidation before a potential resumption of the trend.
The Kumo cloud is colored orange, indicating the market tendency to a continuing upward movement.
The price entered the Kumo cloud, which may indicate a possible trend change or a development a lateral drift phase. The SenkouA and SenkouB lines act as support and resistance. To clarify the market situation, it is worth waiting until the price fixes outside of the cloud.
Used by investors to identify a change in trend, the green Chinkou line is above the price on the chart.
Trading recommendations:
Dynamic support levels are on the Kijun line, near the 1.39754, and the SenkouA line, at the 1.39751 level.
Dynamic resistance levels are on the Tenkan line, around the 1.39886. and the SenkouB line, around the 1.39929.
The indicator signals predominantly support the upward vector of movement, so the upward bounce from the defined support levels signals are prioritized intraday.
The second most important signal is a change in the direction of movement of the cloud Kumo. This signal is marked on the chart with a vertical purple line. The orange color of the cloud indicates a change in the priority direction of movement to upward.
The current situation:
Let's look at the main components of the indicator and their current values:
The price is now positioned between the Tenkan and the Kijun lines, indicating a temporary consolidation before a potential resumption of the trend.
The Kumo cloud is colored orange, indicating the market tendency to a continuing upward movement.
The price entered the Kumo cloud, which may indicate a possible trend change or a development a lateral drift phase. The SenkouA and SenkouB lines act as support and resistance. To clarify the market situation, it is worth waiting until the price fixes outside of the cloud.
Used by investors to identify a change in trend, the green Chinkou line is above the price on the chart.
Trading recommendations:
Dynamic support levels are on the Kijun line, near the 1.39754, and the SenkouA line, at the 1.39751 level.
Dynamic resistance levels are on the Tenkan line, around the 1.39886. and the SenkouB line, around the 1.39929.
The indicator signals predominantly support the upward vector of movement, so the upward bounce from the defined support levels signals are prioritized intraday.