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Ichimoku Indicator

28.06.201709:58 Forex Analysis & Reviews: Ichimoku indicator analysis of NZD/USD for June 28, 2017

Long-term review

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The price action here is very bearish. Technically we have a fake breakout and rejection. Bearish divergence signs. Reversal candle formations.

In the 4-hour chart, the price has broken below both the tenkan- and kijun-sen indicators and is going to test the Ichimoku cloud support. Both RSI indicators have provided bearish divergence signals. Support is at 0.7240.

Red lines - bearish channel

The NZDUSD has made a false break out above the upper channel boundary and is turning downwards. I expect a deep pull back for this pair at least towards 0.7165 as the price is already trading below the tenkan-sen.

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