Ichimoku Cloud Analysis 27.08.2020 (EURJPY, NZDUSD, NZDCAD)

Article By RoboForex.com

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 125.40; 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 125.65 and then resume moving downwards to reach 122.75. Another signal in favor of further downtrend will be the 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 126.45. In this case, the pair may continue growing towards 127.35. To confirm further decline, the asset must break the support area and fix below 124.15.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.6624; 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 0.6580 and then resume moving upwards to reach 0.6740. Another signal in favor of further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 0.6515. In this case, the pair may continue falling towards 0.6435.

NZDCAD, “New Zealand Dollar vs Canadian Dollar”

NZDCAD is trading at 0.8715; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.8625 and then resume moving upwards to reach 0.8905. Another signal in favor of further uptrend will be a rebound from the formation of a reversal pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.8595. In this case, the pair may continue falling towards 0.8505. To confirm further growth, the asset must break the descending channel’s upside border and fix above 0.8765.

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.