Let's look at the four-hour 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 descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (1.7324). The closest resistance level is the lower border of the cloud (1.7413).
On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (1.7099). The closest resistance level is the upper border of the cloud (1.7494).
On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bearish trend is still strong. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 1.7324, with Take Profit at 1.6980 and Stop Loss at 1.7413; buy at the level of 1.7413, with Take Profit at 1.7790 and Stop Loss at 1.7324.
British Pound vs Australian Dollar
| Buy | Sell | Spread |
| 1.91388 | 1.91376 | 12 |
Scenario
| Time frame | Day's Range |
| Recommendations | SELL STOP |
| Entry Point | 1.7324 |
| Take Profit | 1.6980 |
| Stop Loss | 1.7413 |
| Support levels | 1.7099, 1.7324, 1.7413, 1.7494 |
Alternative scenario
| Recommendations | BUY STOP |
| Entry Point | 1.7413 |
| Take Profit | 1.7790 |
| Stop Loss | 1.7324 |
| Support levels | 1.7099, 1.7324, 1.7413, 1.7494 |
The material published on this page is produced by the Claws&Horns Company jointly with LiteFinance and should not be considered as the provision of investment advice for the purposes of Directive 2014/65/EU; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing prior to the dissemination of such research.
