Ichimoku Cloud Analysis 29.10.2020 (EURUSD, XAUUSD, BRENT)
EURUSD, “Euro vs US Dollar”
EURUSD is trading at 1.1754; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.1780 and then resume moving downwards to reach 1.1665. 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 1.1810. In this case, the pair may continue growing towards 1.1905.
XAUUSD, “Gold vs US Dollar”
XAUUSD is trading at 1883.00; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1890.00 and then resume moving downwards to reach 1850.00. Another signal in favor of further downtrend will be a rebound from a Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1900.00. In this case, the pair may continue growing towards 1945.00.
BRENT
Brent is trading at 39.77; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 40.35 and then resume moving downwards to reach 37.75. 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 41.05. In this case, the pair may continue growing towards 42.65.
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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