Price action has been falling south since position first established below the cloud. It had briefly touch the ichimoku cloud low again some time 30/311 January 2013. Nevertheless, it has drifted lower since then.
Has added another position in the last few periods. Price has drifted lower by almost 100 pips.
Technical Analysis (Ichimoku Charting)
Tenkan sen converges towards kijun-sen after widening seen in the last few periods. Price action has also lowered quite a distant away from both the tenkan-sen and kijun-sen. Chikou span remains below tenkan-sen and kijun sen. More important, it is below among the 26 periods forward. The ichimoku cloud is tilting southwards and getting thicker. The thick ichimoku cloud will provide the resistance to the price action if it trends upwards.
Trading Strategy (Ichimoku Trading)
Resistance level anticipated around 1.0380. Dun recommend long, if need to, entry with fixed stop, target profit level at below the cloud.
Else, await for opportunity, go for short near tenkan-sen level with stop loss above ichimoku cloud.
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