20 / 04 / 2018 | Technical Analysis

Technical Analysis 20.04.2018 – EUR/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (132.57). One of the previous maximums of Chikou Span line is expected to be a resistance level (133.20). 

On the daily 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 above the price chart, current cloud has reversed from descending to ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (131.76). The closest resistance level is the lower border of the cloud (133.38).

The Technical Analysis is provided by Claws and Horns (Cyprus) Limited, an independent analytical company. Any views and opinions expressed are explicitly those of the writer. Any information contained in the article, is believed to be reliable, and has not been verified by STO and is not guaranteed to be accurate. References to specific products, are for illustrative purposes only and are not a form of solicitation, recommendation or investment advice. Past performance is not a guarantee of future performance.
 
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19 / 04 / 2018 | Technical Analysis

Technical Analysis 19.04.2018 – AUD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (83.55). One of the previous maximums of Chikou Span line is expected to be a resistance level (84.05).


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 has crossed the price chart from below, current cloud is going to reverse from descending to ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (83.35). The closest resistance level is the lower border of the cloud (84.80). 

The Technical Analysis is provided by Claws and Horns (Cyprus) Limited, an independent analytical company. Any views and opinions expressed are explicitly those of the writer. Any information contained in the article, is believed to be reliable, and has not been verified by STO and is not guaranteed to be accurate. References to specific products, are for illustrative purposes only and are not a form of solicitation, recommendation or investment advice. Past performance is not a guarantee of future performance.
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19 / 04 / 2018 | Market News

Fundamental Analysis 19.04.2018 – Market Outlook

Market Recap

AUD continued to gain. Aluminum and nickel jumped as the market worried about the impact of US sanctions against United Company Rusal, a major Russian exporter. Australia is seen as benefiting from the sanctions as it’s an alternative source of these metals. As the graph shows, the correlation between AUD/USD and base metals prices is long-standing and close. 

Also, iron ore soared 5.3% after BHP Billiton lowered its annual output target because of some technical issues with equipment. That may have helped AUD as well.

On the other hand, GBP fell after UK inflation missed estimates. Consumer Price Index (CPI) growth slowed to 2.5% yoy from 2.7% (it was expected to remain at 2.7%) while core CPI slowed to 2.3% yoy from 2.4%. Coming after Tuesday’s 17th of April 2018 slower-than-expected rise in average earnings, the figure cemented the view that the Bank of England is likely to hike rates only once this year. Politics is also conspiring against GBP after the House of Lords defeated the government in a key Brexit vote by insisting that ministers negotiate a new customs union with the EU, something that Prime Minister Theresa May has refused to do. They also went against the government by voting to limit the government’s ability to unilaterally change employment, consumers and environmental rules after Brexit. Having hit a post-Brexit high recently on optimism about Brexit and a focus on monetary policy --- maybe the path isn’t going to be a smooth as some in the market had thought. This could be negative for GBP.

CAD also came under pressure as the market interpreted the Bank of Canada’s (BOC) statement and BoC Governor Stephen Poloz’ comments to be more dovish than expected. Comments like “escalating geopolitical and trade conflicts risk undermining the global expansion” and mention of “upward revisions to estimates of potential output growth” made people think that the BoC wasn’t likely to hike as much as had previously been expected. The probability of three hikes this year diminished and two increased (slightly). 

Today’s market

UK retail sales come in two sizes:  with and without gasoline (petrol). Both are expected to be lower this month. In fact, the figure including gasoline is expected to be low, down again for the third month out of four, partly because of bad weather. The yoy rate is expected to accelerate slightly, but still remain far below what it was a year ago. Sluggish retail sales in Britain probably reflects the continued pressure on household incomes as real pay gets squeezed. As you may have noticed this week, the 2.8% yoy rise in pay is only slightly higher than the 2.5% yoy rise in consumer prices, meaning that real incomes are hardly rising at all. Combined with tightening on consumer credit, this is starting to have a negative effect on consumption. This could be negative for GBP. 

There are three Federal Reserve System (Fed) speakers today.

Federal Reserve System (Fed) Governor Lael Brainard will speak on regulatory reform at the 2018 Global Finance Forum in Washington. Brainard recently raised the idea of using the countercyclical capital buffer (CCyB), a new, as-yet unused policy tool in the Fed’s toolbox, to restrain bank lending. If the Fed did decide to do so, it would mean less need to raise interest rates to tighten financial conditions. That would be negative for the dollar. Fed Governor Randal Quarles, Vice Chairman for Banking Supervision, doesn’t seem to have mentioned the idea.

Fed Governor Randal Quarles speaks again, his third speech in a row.

Cleveland Fed President Loretta Mester will discuss the outlook for the economy and policy. She’s on the hawkish side, but her most recent statement could have been made by almost any Federal Open Market Committee (FOMC) member. She said at the end of March 2018 that “If the economy evolves as I anticipate, I believe further gradual increases in interest rates will be appropriate this year and next year.” One thing to watch out for:  her research department recently put out a report on the countercyclical capital buffer that Governor Brainard has been talking about.

The Philadelphia Fed index is expected to be slightly lower but still at a level signifying substantial expansion. It’s expected to fall to 21.0 from 22.3, but considering that the average over the last 20 years has been 6.83, that still indicates a healthy economy. By comparison, Monday’s 16th of April 2018 Empire State index missed expectations, falling to 15.8 from 22.5 (18.4 expected). If today’s Philadelphia Fed index comes in as expected and falls only modestly, that could be positive for USD.

Overnight we get Japan’s national Consumer Price Index CPI. This month the headline rate of inflation is expected to slow notably, in line with the Tokyo headline CPI, but the core measure is forecast to remain at the same yoy rate of increase. No change in core inflation, no change in policy. This could be neutral for JPY.

 
The Fundamental Analysis is provided by Marshall Gittler who is an external service provider of Claws and Horns (Cyprus) Limited, an independent analytical company. Any views and opinions expressed are explicitly those of the writer. Any information contained in the article, is believed to be reliable, and has not been verified by STO and is not guaranteed to be accurate. References to specific products, are for illustrative purposes only and are not a form of solicitation, recommendation or investment advice. Past performance is not a guarantee of future performance.

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19 / 04 / 2018 | Market News

Traders and price action trading

Trading involves the transfer of goods and services from one person or entity to another. Trading has changed a lot in the course of history. The first trades, according to archaeologists, happened in prehistoric times as people tried to cover their needs with exchanging goods. The invention of currency later made trading easier and changed the trading environment forever. 

In recent years, the quantity of offered financial products has significantly increased. Their nature also has become more complex. Products such as derivatives, which are financial securities with values that are reliant upon an underlying asset or group of assets, have become popular among traders who believe that they might make a profit from them. However, trading leveraged financial products involves risks which every trader should be informed about. 

Although trading has become a speedy procedure with the evolution of technology and the introduction of the internet, some of the tactics and strategies that traders use to execute their strategies have stayed, more or less, the same for centuries. While this may sound an exaggeration to you, this article will give you some basic information on price action trading which was recorded for the first time back in the 18th century. 

Price action trading

Price action trading is a method for speculating on financial markets which consists of the analysis of price movement across time. Traders are using analysis based on price action data in order to forecast the future movement of a financial product’s price. Traders base their plans on these predictions and execute their strategies accordingly. Price action trading is one of the most popular strategies used in the markets, despite the fact that is rather old when compared to other ones.

How does it differentiate from other trading strategies?

Price action trading has a vital difference when compared with other trading strategies. Price action traders look primarily at the market’s price history while ignoring the fundamental factors that could alter a price movement. Economists suggest that price action trading includes one of the purest forms of technical analysis because it focuses on the correlation of a market price with its history, remaining unaffected by other available economic data. 

Most times, price action traders are keen on studying the prices of a security or a currency for the last 3 to 6 months to forecast its future movement. Sometimes analysts are referring to price action trading as “clean chart trading” as decisions are made based on simple price charts. Traders who prefer price action trading note that price action reflects all the factors that could affect a market which means that there is no use in analyzing every factor separately, losing time and creating confusion. 

The history of price action trading

The first record of price action trading that we have comes from the 18th century Japan. The pioneer was Munehisa Homma, a rice trader who traded in the Dojima rice market in Osaka. Homma had the idea of recording the price movements in the rice market. Everyday he was recording the price of rice in the beginning of the day, the highest and the lowest level during the day and the closing price at night. 

Studying the price movements, Munehisa Homma discovered that there were patterns and signals that were repeated on price charts. In order to categorise them, he gave them names and that’s how some of the most popular Japanese candlestick patterns that traders still use today were named. Making accurate forecasts based on the patterns that he discovered, Munehisa Homma was successful in taking the right decisions and made vast profits from trading in the rice market, making him one of the richest people in Japan. 

Trading with STO

STO offers its clients 5 diverse account types to trade with. STO provides traders with educational material which will walk them through multiple solutions, depending on each trading strategy. STO account owners are able to trade on the most active shares in the US, German and Italian stock markets.

Trading Forex and CFDs (Contracts For Difference), which are leveraged products, are high risk investments and puts your capital at risk. You may sustain a loss of some or all of your invested capital. Only speculate with money you can afford to lose.
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18 / 04 / 2018 | Technical Analysis

Technical Analysis 18.04.2018 – AUD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Tenkan-sen and Kijun-sen lines have become support (83.20) and resistance (83.37) levels respectively.


On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading around lower border of the cloud. The closest support level is Tenkan-sen line (82.97). The closest resistance level is the upper border of the cloud (83.35).


The Technical Analysis is provided by Claws and Horns (Cyprus) Limited, an independent analytical company. Any views and opinions expressed are explicitly those of the writer. Any information contained in the article, is believed to be reliable, and has not been verified by STO and is not guaranteed to be accurate. References to specific products, are for illustrative purposes only and are not a form of solicitation, recommendation or investment advice. Past performance is not a guarantee of future performance.

 
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18 / 04 / 2018 | Market News

Fundamental Analysis 18.04.2018 – Market Outlook

Market Recap

CHF was the outlier over the last 24 hours. The two “safe haven” currencies seem to be responding assymetricaly to risk:  the “risk off” environment pushed JPY up more than CHF, but the “risk on” seems to be pushing CHF down more than JPY. Following the news that CIA Director Mike Pompeo secretly met with North Korea's leader Kim Jong Un, which should lower the tension in Asia considerably and therefore affect JPY more than CHF. 

Meanwhile, it’s likely that the Swiss National Bank (SNB) will wait until well after the European Central Bank (ECB) has moved rates before it decides to go along too. “We don’t want to provoke an appreciation of the Swiss Franc,” said SNB President Thomas Jordan last Saturday 14th of April. EUR/CHF hit a high of 1.1975 overnight, almost returning to the 1.20 floor that the SNB had set for the pair. However, remember that this is the minimum that the SNB wanted to see. Indeed, Jordan said that normalization of monetary policy elsewhere “would be advantageous for Switzerland and the SNB and open a certain room for maneuver. 

The SNB is no longer intervening heavily to depreciate the CHF, as you can see from the lack of any major intervention recently (the green line). Thus the recent decline in CHF is probably attributable to market factors, not market manipulation.

GBP was slightly weaker after yesterday’s Tuesday 18th of April disappointing average earnings figure – it was expected to accelerate to +3.0% yoy from +2.8% yoy, but instead remained at +2.8%. -- regular pay growth (excluding bonuses) did accelerate as expected to 2.8% yoy from 2.6%, meaning pay is finally rising faster than inflation (+2.7% yoy), while the unemployment rate fell to a new 40-year low and indeed below the Bank of England’s estimate of equilibrium unemployment (4.25%). Nevertheless, the odds of two rate hikes this year decreased and the odds of just one rose, leading to a weaker pound. Today’s Consumer Price Index (CPI) figures however could change the outlook (see below). 

Today’s market

Two big events today:  the Bank of Canada interest rate decision, and the press conference following Japan Prime Ministers Shinzo Abe’s second day of meetings with US President Donald Trump.

Not much is expected out of the Bank of Canada meeting. There hasn’t been any major change since the last one, which was just a little over a month ago. The North American Free Trade Agreement (NAFTA) outlook has improved somewhat, but not enough to make them change their assessment that “trade policy developments are an important and growing source of uncertainty for the global and Canadian outlooks.” The market view has remained fairly steady, that there may be a rate hike at the July 2018 meeting and probably one by September 2018.

The key for the markets will be what if anything President Trump has to say about Japan’s $69bn-a-year surplus in trade in goods with the US. The US Treasury Friday 13th of April 2018, released its biannual report on “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States,” in which it acknowledged that “…Japan has not intervened in the foreign exchange market in over six years.” It called on Japan to make some unspecified structural reforms to help reduce trade imbalances.

One major question is whether they discuss the idea of the US joining the Trans-Pacific Partnership. Earlier, President Trump had suggested he’d be willing to consider joining it with some changes, but last night he tweeted that “I don’t like the deal for the United States. Too many contingencies and no way to get out if it doesn’t work.” He said he preferred “bilateral deals.”

The indicators

Today’s indicators start out with UK Consumer Price Index (CPI).

Today’s figures are expected to show headline CPI still rising at an above-target rate and core CPI, which is probably the more important one, not only above target but also accelerating. 

During the US day, the Federal Reserve System (Fed) releases the “Summary of Commentary on Current Economic Conditions,” aka The Beige Book, as always two weeks before the next FOMC meeting. It’s significant for the market because the first paragraph of the statement following each FOMC meeting tends to mirror the tone of the Beige Book's characterization of the economy. 

The Fundamental Analysis is provided by Marshall Gittler who is an external service provider of Claws and Horns (Cyprus) Limited, an independent analytical company. Any views and opinions expressed are explicitly those of the writer. Any information contained in the article, is believed to be reliable, and has not been verified by STO and is not guaranteed to be accurate. References to specific products, are for illustrative purposes only and are not a form of solicitation, recommendation or investment advice. Past performance is not a guarantee of future performance.
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18 / 04 / 2018 | Market News

All you need to know about commodity currencies

Commodities are physical products that underpin the global economy. Gold, oil, silver and rare metals such as platinum and palladium are among the most known and valuable commodities. Trading can involve the purchase or the sale of several different kinds of financial products with commodity trading being one of the lesser known types of trade for most people.

Primary commodities are extracted from natural resources and secondary commodities are produced by primary ones to satisfy consumers’ needs. A Goldman Sachs report, titled “Investment Commentary” and published in December 2017, said that it is expecting the commodities’ sector to generate returns of almost 10% more than other assets during 2018.  Countries across the world based their economies on exporting commodities.

Since the economies of those countries are based on commodity trading, it’s logical that their currencies’ values could be affected by the prices of commodities and the market’s fluctuations. These currencies are called “commodity currencies” and traders should be aware that their exchange rates depend heavily on the commodity prices in the financial markets. In this article, you will find some basic information regarding three of the most important commodity currencies, the Australian, the New Zealand and the Canadian Dollar.

Australian Dollar

The Australian Dollar (AUD) is the currency of the Commonwealth of Australia. The Australian Dollar is commonly referred to by foreign exchange (forex) traders as the “Aussie Dollar.” According to the “Triennial Central Bank Survey Foreign Exchange turnover in April 2016”, which was published in December 2016, the Australian Dollar was the fifth most traded currency in the world enjoying a 6.9% share of the global forex market turnover. The US Dollar/Australian Dollar (USD/AUD) currency pair is one of the most traded. 

In April 2001, the Australian Dollar hit a record low against the US Dollar, trading at $0.47. In the decade that followed, the Australian Dollar gained ground against its competitor from the US and managed to hit a record high exchange rate in the end of July 2011, when it was trading at $1.10. Some economists suggested that the Australian currency took advantage of the Eurozone’s sovereign debt crisis and the fall of the Euro to strengthen. The prices of commodities that Australia exports such as metals may have an impact on the value of the Australian Dollar. The trade relationship between Australia and China also makes the “Aussie” sensitive to any financial news coming from this country.

New Zealand Dollar 

The New Zealand Dollar (NZD) is the currency of New Zealand, commonly known to traders as the “Kiwi”. The nickname comes after the depiction of the famous New Zealand bird on the one New Zealand Dollar coin. The “Triennial Central Bank Survey Foreign Exchange turnover in April 2016”, released in December 2016 showed that the New Zealand’s currency is the tenth most traded currency in the world in terms of foreign exchange market turnover with 2.1% daily share. 

The New Zealand Dollar lost a lot of value against the US Dollar in the first quarter of 2009, struggling because of the global economic downturn and traders’ fears which pushed them away from trading more riskier currencies. However, it has rebounded since then on the back of New Zealand’s economic recovery. The New Zealand Dollar is a “commodity currency” since the economy of New Zealand is based on exporting dairy products, meat and fish to countries such as China. Data releases such as the dairy auction prices may affect the New Zealand Dollar on the day of publication.

Canadian Dollar 

The Canadian Dollar (CND) is the currency of Canada which is the tenth largest economy in the world, according to the World Economic Outlook database of the International Monetary Fund (IMF). Some traders call it “loonie” with the nickname coming from the image of a loon on the one Canadian Dollar coin. The “Currency Composition of Official Foreign Exchange Reserves” survey, published by the IMF in June 2015, revealed that the Canadian Dollar is the fifth most held reserve currency in the world behind the US Dollar, the Euro, the Sterling and Japanese Yen and the Sterling. 

The Canadian economy has proved to be resilient in times of financial crisis and the country’s political and legal system are not facing any destabilising problems. Canada is the world’s fourth largest exporter of petroleum and natural gas with some economists calling the country an “energy superpower”. The Canadian Dollar’s value may fluctuate according to the energy prices in the global market.

STO and commodity currencies 

The Australian Dollar, the New Zealand Dollar and the Canadian Dollar are three of the most important commodity currencies in the world. STO gives you the opportunity to trade these 3 currencies and other major currency pairs starting from 0.0 Pips. Daily technical and fundamental analyses will be available in the STO client area to keep you updated regarding the global markets.

Trading Forex and CFDs, which are leveraged products, are high risk investments and puts your capital at risk. You may sustain a loss of some or all of your invested capital. Only speculate with money you can afford to lose.

 
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17 / 04 / 2018 | Technical Analysis

Technical Analysis 17.04.2018 – AUD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has broken down Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (82.89). The closest resistance level is Tenkan-sen line (83.52). 


On the daily 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 is trading around lower border of the cloud. The closest support level is Tenkan-sen line (82.97). The closest resistance level is the lower border of the cloud (84.71).

 
The Technical Analysis is provided by Claws and Horns (Cyprus) Limited, an independent analytical company. Any views and opinions expressed are explicitly those of the writer. Any information contained in the article, is believed to be reliable, and has not been verified by STO and is not guaranteed to be accurate. References to specific products, are for illustrative purposes only and are not a form of solicitation, recommendation or investment advice. Past performance is not a guarantee of future performance.
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17 / 04 / 2018 | Market News

UK CPI inflation likely to have remained unchanged in March 2018

Apart from the Eurozone’s CPI inflation for March 2018 data publishing on Wednesday April 18th 2018, one more data release may affect the foreign exchange (Forex) markets. On that day, the Office for National Statistics (ONS) will publish data regarding the United Kingdom’s CPI (Consumer Price Index) inflation during March 2018. The CPI is an indicator used to measure the rate at which the prices of goods and services bought by households rise or fall, which is the rate of inflation, referred to as the CPI inflation.

A Danske Bank report, published on Monday April 16th 2018, forecast that the UK’s CPI inflation in March 2018 remained unchanged at 2.7%, on an annualised basis. Analysts at Danske Bank noted that the core CPI inflation may have risen from 2.4% recorded in February 2018 to 2.5% in March 2018. Core CPI inflation is inflation excluding the prices of seasonally volatile products such as food and energy. The Danske Bank report also said that “our base case is still that CPI inflation will move lower this year, as food price inflation has peaked, energy prices are stabilising and the impact of past British Pound depreciation is fading.” Market participants will be expecting to see if the UK’s CPI inflation remained stable or dropped further since February 2018. A drop towards the Bank of England’s (BoE) 2% target may strengthen the British Pound against its competitors. 

Data published by the ONS, on March 20th 2018, showed that inflation in February 2018 recorded a drop from 3% on January 2018 to 2.7%. The drop surprised economists since it exceeded their expectations. The 2.7% inflation rate in February 2018 was the lowest rate recorded since July 2017. The ONS report accompanying the survey’s results said that “the largest downward contributions to the change in the rate came from transport and food prices, which rose by less than a year ago. Falling prices for accommodation services also had a downward effect.” 

Economists discuss about potential BoE rate hike

On May 10th 2018, the BoE’s Monetary Policy Committee (MPC) will convene to decide on interest rates. Analysts forecast that the BoE will decide to hike interest rates. Ian McCafferty, who is one of top BoE’s policymakers, told Reuters network that the possibility of faster pay rises and the recent pick-up in the world economy could be reasons that would lead the BoE to raise borrowing costs. Ian McCafferty commented that “we shouldn’t dally when it comes to tightening monetary policy modestly,” adding that wage growth in the UK might prove stronger than expected, forcing inflation to rise. 

Economists at ING (Internationale Nederladen Groep) suggested in a report, released on April 16th 2018, that an interest rate hike in the BoE’s upcoming May 2018 meeting “looks increasingly like a done deal.” They note in their report that “signs of rising wage growth combined with recent Brexit progress now means markets have a rate rise in May 2018 virtually priced in. None of the four BoE speakers (Andie Haldane, Ian McCafferty, Ben Broadbent and Gertjan Vlieghe) last week (9/4-13/4/2018) made any attempts to rein in these expectations. Nomura’s analysts forecast in their report, published on April 13th 2018, that the BoE will raise borrowing costs twice per year in 2018 and 2019.

STO and the British Pound

The British Pound against the US Dollar, the Euro and the Japanese Yen are just some of the currency pairs you can trade with on the STO online trading platform. Traders can take advantage of the STO’s Forex variety and choose from over 30 currencies when trading. STO provides its clients with educational courses to help them encounter the various trading challenges. 

Trading Forex and CFDs, which are leveraged products, are high risk investments and puts your capital at risk. You may sustain a loss of some or all of your invested capital. Only speculate with money you can afford to lose.




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16 / 04 / 2018 | Technical Analysis

Technical Analysis 16.04.2018 – EUR/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. The instrument has broken down Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (131.90). The closest resistance level is Kijun-sen line (132.20).



On the daily 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 above the price chart, current cloud is descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (131.40). The closest resistance level is the lower border of the cloud (133.20).



The Technical Analysis is provided by Claws and Horns (Cyprus) Limited, an independent analytical company. Any views and opinions expressed are explicitly those of the writer. Any information contained in the article, is believed to be reliable, and has not been verified by STO and is not guaranteed to be accurate. References to specific products, are for illustrative purposes only and are not a form of solicitation, recommendation or investment advice. Past performance is not a guarantee of future performance.
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