GBP/CAD Bullish Breakout: Ichimoku Signals Point Higher
2024.05.07 02:59
: In the 4-hour chart, the Tenkan-sen line is above the Kijun-sen, with the red line pointing upwards and the blue line remaining horizontal. The Chikou Span indicator is below the price chart, while the current cloud is ascending. The asset is trading between the Tenkan-sen and Kijun-sen lines. The upper boundary of the cloud is the next support level, located at 1.71258. Likely resistance is at the previous high marked by the Chikou Span line, at 1.72840.
On the daily chart, the Tenkan-sen line is also above the Kijun-sen, with the red line pointing upwards and the blue line remaining horizontal. The Chikou Span is above the price chart, indicating that the current trend is upward. The pair is trading above the Tenkan-sen and Kijun-sen lines, maintaining its upward movement. The lower boundary of the cloud acts as the next support at 1.71070. Resistance is near the previous high point on the Chikou Span line, at 1.73452.
Recommendation:
It is suggested to open long positions at the current price, targeting the previous peak of the Chikou Span line at 1.72840, with a Stop Loss at the Kijun-sen line at 1.71258.
Scenario:
Recommendation: BUY
Entry Point: 1.71660
Take Profit: 1.72840
Stop Loss: 1.71258
