Ichimoku Cloud Analysis 24.05.2021 (GBPUSD, BRENT, NZDUSD)
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is trading at 1.4152; 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 1.4180 and then resume moving downwards to reach 1.3905. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.4205. In this case, the pair may continue growing towards 1.4300. To confirm further decline, the asset must break the support level and fix below 1.4105m thus breaking the downside border of the Wedge reversal pattern.
BRENT
Brent is trading at 66.75; 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 66.95 and then resume moving downwards to reach 60.95. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 68.05. In this case, the pair may continue growing towards 69.25.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is trading at 0.7169; 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 0.7205 and then resume moving downwards to reach 0.6975. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.7250. In this case, the pair may continue growing towards 0.7345. To confirm further decline, the asset must break the support level and fix below 0.7115 to complete a Head & Shoulders 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.
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