Ichimoku Cloud Analysis 01.10.2020 (XAUUSD, BRENT, GBPUSD)
XAUUSD, “Gold vs US Dollar”
XAUUSD is trading at 1893.00; 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 1905.00 and then resume moving downwards to reach 1820.00. 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 1925.00. In this case, the pair may continue growing towards 1945.00. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1860.00.
BRENT
Brent is trading at 42.58; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test at the cloud’s downside border 41.95 and then resume moving upwards to reach 45.65. Another signal in favor of further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 40.85. In this case, the pair may continue falling towards 39.05. To confirm further growth, the asset must break the neckline of a Head & Shoulders reversal pattern and fix above 43.55.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is trading at 1.2942; 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 1.2910 and then resume moving upwards to reach 1.3195. Another signal in favor of further uptrend will be a rebound from the descending 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 1.2735. In this case, the pair may continue falling towards 1.2645. To confirm further growth, the asset must break the resistance area and fix above 1.3045, thus completing a Double Bottom reversal pattern.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.