USDCAD H1: The Ichimoku Forecast for the European Session at 22.11.2024
22.11.2024 09:16
Teknikal
The most significant signal of the previous trading sessions was the intersection of the Tenkan and Kijun lines, which is considered as a signal of a change in trend in the market.
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 market price remains above the Tenkan and the Kijun lines, indicating a prevailing positive market sentiment.
Now the Kumo cloud is tinted lilac, which indicates a possible change in price dynamics in a negative direction.
Trading takes place inside the cloud, which is a sign of a market instability. Cloud boundaries act as support and resistance levels for 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 1.39734 mark, the Kijun line, around the 1.39579 mark, and the SenkouBline, at the1.39929 mark.
The dynamic resistance level is on the SenkouB line, around the 1.39929 mark.
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 market price remains above the Tenkan and the Kijun lines, indicating a prevailing positive market sentiment.
Now the Kumo cloud is tinted lilac, which indicates a possible change in price dynamics in a negative direction.
Trading takes place inside the cloud, which is a sign of a market instability. Cloud boundaries act as support and resistance levels for 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 1.39734 mark, the Kijun line, around the 1.39579 mark, and the SenkouBline, at the1.39929 mark.
The dynamic resistance level is on the SenkouB line, around the 1.39929 mark.