Ichimoku Cloud Analysis 04.09.2020 (EURUSD, USDCAD, USDZAR)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1848 inside the Ichimoku Cloud, suggesting a flat. A test of the upper border of the Cloud near 1.1870 is expected, followed by falling to 1.1685. An additional signal confirming the decline will be a bounce off the resistance level. The decline will be canceled in the case of a breakaway of the upper border of the Cloud and closing above 1.1965, which will mean further growth to 1.2055. The growth might be confirmed by a breakaway of the lower border of the ascending channel and securing under 1.1755.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3122 above the Ichimoku Cloud, suggesting an uptrend. As we may see, buyers managed to send the price upwards to work off a Head and Shoulders reversal pattern. A test of the signal lines of the indicator near 1.3100 is expected, followed by growth to 1.3215. An additional signal confirming the growth will be a bounce off the lower border of the ascending channel. The growth will be canceled in the case of a breakaway of the lower border of the Cloud and securing under 1.3025, which will mean further declining to 1.2935.

USDZAR, “US Dollar vs South African Rand”

USDZAR is trading at 16.72 under the Ichimoku Cloud, suggesting a downtrend. A test of the lower border of the Cloud at 16.75 is expected, followed by falling to 16.10. An additional signal confirming the decline will be a bounce off the upper border of the descending channel. The falling will be canceled in the case of a breakaway of the upper border of the Cloud and securing above 17.05, which will mean further growth to 17.65. The decline will be confirmed by a breakaway of the lower border of the Triangle pattern and securing under 16.50.

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.