Ichimoku Cloud Analysis 08.10.2020 (EURAUD, USDJPY, AUDUSD)

Article By RoboForex.com

EURAUD, “Euro vs Australian Dollar”

EURAUD is trading at 1.6478; 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 1.6470 and then resume moving upwards to reach 1.6595. Another signal in favor of further uptrend will be a rebound from the downside border of the Triangle pattern. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 1.6395. In this case, the pair may continue falling towards 1.6305. To confirm further growth, the asset must break the pattern’s upside border and fix above 1.6530. The target of the pattern materialization is at 1.6565.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is trading at 105.95; 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 105.75 and then resume moving upwards to reach 106.55. Another signal in favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 105.45. In this case, the pair may continue falling towards 104.65.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7138; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7150 and then resume moving downwards to reach 0.7070. Another signal in favor of further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7175. In this case, the pair may continue growing towards 0.7265.

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.