Ichimoku is an investment strategy of trend following, it works great on H4, D1 and higher time frames. In this series of articles I present my setups and observations using Ichimoku, supports and resistances and Price Action patterns. You can also check previous Ichimoku overview.
Price for a longer time is in consolidation. Currently it is for another time close to the resistance in the area of 0.7695. If it will be broken permanently, we can think about opening long position. Tenkan line crossed Kijun and the Kumo cloud is bullish.
Bad situation with opened position on AUDNZD. Today’s session started from strong decreases, price broke through the cloud and now is below trend line lasting since beginning of July. It is still a few pips away from SL, so I count on going back to gains.
Although wider trend is bearish, Tenkan line dynamically crossed Kijun lately. In addition current candle is during break above bullish Kumo. Chikou Span confirms possibility to open long position. Cloud colour will change soon to bearish, so I think I will stay away from it.
Signal of short position on EURCAD. Price is below important resistance on the daily chart, in addition there is sell signal from crossing Tenkan and Kijun lines. We can open short with the target on another important support in 1.4060 area. To open this position I recommend 24option broker, which offers only 0.9 pips spread on EURCAD.