Ichimoku Cloud Analysis 23.04.2020 (XAUUSD, AUDUSD, USDCAD)
XAUUSD, “Gold vs US Dollar”
XAUUSD is trading at 1716.00; the instrument is moving above Ichimoku Cloud, thus indicating a bullish tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen 1705.00 and then resume moving upwards to reach 1785.00. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 1665.00. In this case, the pair may continue falling towards 1615.00.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is trading at 0.6341; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the support level at 0.6295 and then resume moving upwards to reach 0.6535. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 0.6210. In this case, the pair may continue falling towards 0.6135. After breaking the descending channel’s upside border and fixing above 0.6395, the price may resume moving upwards.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is trading at 1.4128; the instrument is moving above Ichimoku Cloud, thus indicating a bullish tendency. The markets could indicate that the price may test the cloud’s upside border at 1.4050 and then resume moving upwards to reach 1.4385. Another signal to confirm further ascending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 1.3975. In this case, the pair may continue falling towards 1.3905.
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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