Ichimoku Cloud Analysis 24.08.2020 (EURUSD, USDCAD, XAUUSD)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1801; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.1835 and then resume moving downwards to reach 1.1565. Another signal in favor of further downtrend will be a rebound from the resistance level. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.18890. In this case, the pair may continue growing towards 1.1975. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1.1725.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3160; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.3195 and then resume moving downwards to reach 1.3025. Another signal in 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 1.3235. In this case, the pair may continue growing towards 1.3415. To confirm further decline, the asset must break the downside border of the Triangle pattern and fix below 1.3115.

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1934.00; 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 1940.00 and then resume moving downwards to reach 1855.00. Another signal in favor of further downtrend will be a breakout of 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 below 1975.00. In this case, the pair may continue growing towards 2015.00.

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.