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[IMG] For a shorter term view, attached is a H4 chart, based on...

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mistyrains

36,517 Posts.

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26/07/14

10:34

Post #: 13718514
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Originally posted by mistyrains ↑

This is a Weekly Ichimoku chart of aud/nzd. It is based on New Your Close. If your chart is based on London Close, it will look different.

Current price is touching resistance, the base of the Cloud, and it is a thick Cloud. Both the green Ten-Sen and red Kijun-Sen are flat, telling me Price is ranging.

Overall, weekly view, as Price is below the Cloud, the sentiment is bearish. To be bullish, Price will have to cross the Cloud and be above it, to be confirmed by the lagging line (the black line) crossing the Cloud as well.

Both the current Cloud and future Cloud are bearish.

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For a shorter term view, attached is a H4 chart, based on New York Close.

All the lines and Price are above the Cloud, hence it has a bullish sentiment. Bullish since July 2014. From the weekly chart, we know Price is below Cloud and is hitting the base of the Cloud, meeting resistance. Recent Price in H4 is ranging, green is starting to go flat, and red line has been flat for some H4 hours, viz. stalling.

Just my thoughts.
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