Ichimoku Cloud Analysis 22.10.2020 (GBPUSD, USDCAD, USDJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3146; 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 1.3080 and then resume moving upwards to reach 1.3290. 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 1.2975. In this case, the pair may continue falling towards 1.2895.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3153; 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 1.3125 and then resume moving upwards to reach 1.3245. Another signal in favor of further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3095. In this case, the pair may continue falling towards 1.1995. To confirm further growth, the asset must break the resistance area and fix above 1.3195, thus completing a Head & Shoulders reversal pattern.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is trading at 104.62; 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 104.75 and then resume moving downwards to reach 103.95. 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 105.25. In this case, the pair may continue growing towards 106.15.

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.