Ichimoku Cloud Analysis 06.10.2020 (EURGBP, AUDUSD, GBPCHF)

EURGBP, “Euro vs Great Britain Pound”

EURGBP is trading at 0.9070; 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 0.9005 and then resume moving downwards to reach 0.8915. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.9145. In this case, the pair may continue growing towards 0.9235. To confirm further decline, the asset must break the downside border of the Triangle pattern and fix below 0.9020.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7164; 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 0.7170 and then resume moving downwards to reach 0.6995. Another signal in favor of further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7205. In this case, the pair may continue growing towards 0.7295. To confirm further decline, the asset must break the support area and fix below 0.7105, thus completing a Double Top reversal pattern.

GBPCHF, “Great Britain Pound vs Swiss Franc”

GBPCHF is trading at 1.1878; 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 1.1870 and then resume moving upwards to reach 1.2115. Another signal in 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 1.1765. In this case, the pair may continue falling towards 1.1675.