Ichimoku Cloud Analysis 21.10.2020 (GBPUSD, USDJPY, USDZAR)

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.2997; 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 1.2960 and then resume moving upwards to reach 1.3130. Another signal in favor of further downtrend 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 1.2905. In this case, the pair may continue falling towards 1.2810. To confirm further growth, the asset must break the upside border of a Triangle pattern and fix above 1.3030.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is trading at 105.21; 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 105.30 and then resume moving downwards to reach 104.00. Another signal in favor of further downtrend will be a rebound from the support level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 105.75. In this case, the pair may continue growing towards 106.65.

USDZAR, “US Dollar vs South African Rand”

USDZAR is trading at 16.39; 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 16.50 and then resume moving downwards to reach 15.95. Another signal in favor of further downtrend will be a rebound from the downside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 16.75. In this case, the pair may continue growing towards 17.65.