Ichimoku Cloud Analysis 18.08.2020 (AUDCAD, XAUUSD, EURJPY)
AUDCAD, “Australian Dollar vs Canadian Dollar”
AUDCAD is trading at 0.9525; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.9545 and then resume moving downwards to reach 0.9345. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.9620. In this case, the pair may continue growing towards 0.9705.
XAUUSD, “Gold vs US Dollar”
XAUUSD is trading at 1996.00; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1975.00 and then resume moving upwards to reach 2055.00. Another signal in favor of further uptrend will be a breakout of the rising channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1935.00. In this case, the pair may continue falling towards 1905.00.
EURJPY, “Euro vs Japanese Yen”
EURJPY is trading at 125.59; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 125.30 and then resume moving upwards to reach 128.15. Another signal is favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 123.95. In this case, the pair may continue falling towards 122.85.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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