Ichimoku Cloud Analysis 05.08.2020 (XAUUSD, USDZAR, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 2019.00; 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 2000.00 and then resume moving upwards to reach 2060.00. 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 1960.00. In this case, the pair may continue falling towards 1920.00.

USDZAR, “US Dollar vs South African Rand”

USDZAR is trading at 17.30; 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 17.10 and then resume moving upwards to reach 18.25. Another signal in favor of further uptrend will be the formation of a Double Bottom reversal pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 16.65. In this case, the pair may continue falling towards 16.05. To confirm further growth, the asset must break the resistance area and fix above 17.65, thus completing the pattern and starting a reversal.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is trading at 0.9121; 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 0.9150 and then resume moving downwards to reach 0.9005. Another signal in favor of further downtrend will be a rebound from the resistance. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.9215. In this case, the pair may continue growing towards 0.9305.

Article By RoboForex.com

Attention!
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.