Ichimoku Cloud Analysis 02.11.2020 (USDCAD, BRENT, LTCUSD)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3337; 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 1.3310 and then resume moving upwards to reach 1.3465. 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 1.3145. In this case, the pair may continue falling towards 1.3055. To confirm further growth, the asset must break the upside border of the Triangle pattern and fix above 1.3390.

BRENT

Brent is trading at 36.55; 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 37.05 and then resume moving downwards to reach 34.35. 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 40.05. In this case, the pair may continue growing towards 41.45.

LTCUSD

LTCUSD is trading at 55.66; 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 54.50 and then resume moving upwards to reach 62.65. 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 52.75. In this case, the pair may continue falling towards 50.05. To confirm further growth, the asset must break the descending channel’s upside border and fix above 57.90.

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.