Ichimoku Cloud Analysis 03.08.2020 (XAUUSD, USDJPY, BRENT)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1975.00; 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 1965.00 and then resume moving upwards to reach 2025.00. Another signal in favor of further uptrend will be a rebound from the downside border of the Triangle pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1945.00. In this case, the pair may continue falling towards 1895.00. To confirm further growth, the asset must break the pattern’s upside border and fix above 1995.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is trading at 105.86; 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 105.95 and then resume moving downwards to reach 104.25. Another signal is 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 106.65. In this case, the pair may continue growing towards 107.25.

BRENT

Brent is trading at 43.33; 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 43.65 and then resume moving downwards to reach 40.55. Another signal in favor of further downtrend is a formation of a Head & Shoulders reversal pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 44.85. In this case, the pair may continue growing towards 49.05. To confirm further decline, the asset must break the support area and fix below 42.45, thus completing the pattern.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.