Ichimoku Cloud Analysis 22.06.2020 (XAUUSD, USDCAD, BRENT)
XAUUSD, “Gold vs US Dollar”
XAUUSD is trading at 1751.00; 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 1735.00 and then resume moving upwards to reach 1785.00. Another signal in favor of further uptrend will be a rebound from the broken “neckline” of a Head & Shoulders reversal pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1705.00. In this case, the pair may continue falling towards 1675.00.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is trading at 1.3597; 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 1.3535 and then resume moving upwards to reach 1.3845. Another signal in favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3455. In this case, the pair may continue falling towards 1.3365.
BRENT
Brent is trading at 42.00; 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 41.35 and then resume moving upwards to reach 44.75. Another signal in favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 40.40. In this case, the pair may continue falling towards 38.05.
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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