Category Forex

GBP/USD : Ichimoku Weekly Support

With the upcoming vote in Scotland on its independence, GBP/USD has fall off the cliff from 1.71 to 1.61 within a month.

On the daily Ichimoku chart, it seems that the trend remains pessimistic with no consolidation in place. Though it has bounce off a low of 1.6103 with immediate resistance at  1.6332

GBP/USD bearish on Scotland's vote

On the Ichimoku weekly chart, it is more optimistic with the uptrend remains intact. Current price range is inside the kumo which suggest that the trend is unconfirmed (pending vote results).

Kumo support extends all the way to 1.58 on the weekly chart.

GBP/USD : Ichimoku Weekly Chart Support

Trading ideas:

1. We can wait for the results and if it breaks 1.64, that could be a good entry point.

2. If it fails to break through 1.64 after the results, it could be a short entry point.

 

EUR/USD . Ichimoku chart suggest weak support

$EUR/USD . Ichimoku chart suggest weak support

The daily Ichimoku chart for $EUR/USD is suggesting that the uptrend for EUR/USD is coming to an end.

1. We can see that the overall trend is flattening or hitting a plateau with the kumo turning flat.

2. A bearish cross seems to be forming between the Kijun sen and Tenkan sen

3. Support is thin at the kumo

4. Leading kumo seems to suggest a change in trend may be coming.

 

 

$EURUSD : Weak kumo support

The $EURUSD has fallen to 1.734 .

1. From the Ichimoku chart, we can see that a bearish cross may be forming.

2. The kumo support below is thin and there is a chance that it will goes through the support.

3. If it rebounds and did not clear 1.383, there is a chance that it will go down from there.

Watch out for the $EURUSD to break down.