Analysis for May 11th, 2016
GBPUSD, “Great Britain Pound vs US Dollar”
GBP USD, Time Frame H4. Indicator signals: Tenkan-Sen and Kijun-Sen are influenced by “Dead Cross” (1). Ichimoku Cloud is heading down and widening, Chinkou Lagging Span is still below the chart, and the price is on Tenkan-Sen. Short-term forecast: we can expect resistance from Kijun-Sen, and decline of the price.
GBP USD, Time Frame H1. Indicator signals: Tenkan-Sen and Kijun-Sen are intersecting below Kumo Cloud and forming “Dead Cross” (1). Ichimoku Cloud is closed (2) and closing, Chinkou Lagging Span is on the chart, and the price is near Kumo’s downside border and Tenkan-Sen. Short-term forecast: we can expect attempts of the price to stay above the cloud and a further decline.
XAUUSD, “Gold vs US Dollar”
XAU USD, Time Frame H4. Indicator signals: Tenkan-Sen and Kijun-Sen are still influenced by “Dead Cross” (1); Tenkan-Sen is directed upwards. Ichimoku Cloud is closed (2), Chinkou Lagging Span is on the chart, and the price is inside Kumo, between Tenkan-Sen and Kijun-Sen. Short‑term forecast: we can expect resistance from Kijun-Sen, support from Tenkan-Sen, and movement of the price inside the cloud towards D Tenkan-Sen.
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