Ichimoku Cloud Analysis 21.09.2020 (NZDUSD, USDCAD, GBPUSD)

Article By RoboForex.com

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.6655; 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 0.6670 and then resume moving downwards to reach 0.6505. Another signal in favor of further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.6750. In this case, the pair may continue growing towards 0.6845. To confirm further decline, the asset must break the support area and fix below 0.6590, thus indicating the completion of a Double Top reversal pattern. The target of the pattern materialization is at 0.6435.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3223; 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 1.3270 and then resume moving upwards to reach 1.3450. Another signal in favor of further uptrend will be a rebound from the upside border of a Triangle pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3110. In this case, the pair may continue falling towards 1.3015.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.2786; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2825 and then resume moving downwards to reach 1.2675. 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 1.2910. In this case, the pair may continue growing towards 1.3005.

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.