Ichimoku Cloud Analysis 19.11.2020 (AUDUSD, GBPNZD, CADCHF)
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is trading at 0.7283; 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 at 0.7295 and then resume moving downwards to reach 0.7215. Another signal in favor of further downtrend will be a rebound from the broken ascending trendline. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7320. In this case, the pair may continue growing towards 0.7405. To confirm further decline, the asset must break the support level and fix below 0.7260, thus indicating the completion of the Double Top reversal pattern.
GBPNZD, “Great Britain Pound vs New Zealand Dollar”
GBPNZD is trading at 1.9164; 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 1.9240 and then resume moving downwards to reach 1.8860. 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 1.9355. In this case, the pair may continue growing towards 1.9445. To confirm further decline, the asset must break the downside border of the Triangle pattern and fix below 1.9065.
CADCHF, “Canadian Dollar vs Swiss Franc”
CADCHF is trading at 0.6962; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6975 and then resume moving downwards to reach 0.6855. Another signal in favor of further downtrend will be a rebound from the upside border of a Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.6990. In this case, the pair may continue growing towards 0.7090. To confirm further decline, the asset must break the pattern’s downside border and fix below 0.6930.
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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