Ichimoku Cloud Analysis 24.09.2020 (GOLD, BRENT, EURJPY)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1853.00; 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 1875.00 and then resume moving downwards to reach 1805.00. 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 1905.00. In this case, the pair may continue growing towards 1935.00.

BRENT

Brent is trading at 42.01; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 41.75 and then resume moving upwards to reach 45.15. Another signal in favor of further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 40.85. In this case, the pair may continue falling towards 39.15. To confirm further growth, the asset must break the descending channel’s upside border and fix above 43.50.

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 122.80; 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 123.05 and then resume moving downwards to reach 120.95. Another signal in favor of further downtrend will be a rebound from the upside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 124.95. In this case, the pair may continue growing towards 125.85. To confirm further decline, the asset must break the support area along with the pattern’s downside border and fix below 122.25.

Article By RoboForex.com

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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.