Technical Analytics Report

GBP/NZD: Ichimoku Indicators Analysis 21 May 2021

GBP/NZD: Ichimoku Indicators Analysis 21 May 2021


GBP/NZD: H4

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.9683). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.9799).

GBP/NZD: D1

On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is going to reverse from ascending to descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.9643). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.9852).

On the four-hour chart we can see a correction of the upward movement. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (2.0081) line and Stop Loss at the level of Kijun-sen line (1.9604).

SCENARIO

Timeframe: Intraday 

Recommendation: Buy 

Entry Point: 1.9736 

Take Profit: 2.0081 

Stop Loss: 1.9604 

Key Levels: 1.9643, 1.9683, 1.9799, 1.9852

 

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