Ichimoku Cloud Analysis 06.11.2020 (USDJPY, LTCUSD, BRENT)

Article By RoboForex.com

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is trading at 103.52; 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 103.70 and then resume moving downwards to reach 102.55. 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 104.25. In this case, the pair may continue growing towards 105.20.

LTCUSD, “Litecoin vs US Dollar”

LTCUSD is trading at 61.65; 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 59.25 and then resume moving upwards to reach 68.05. 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 51.55. In this case, the pair may continue falling towards 50.25.

BRENT

Brent is trading at 40.05; 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 39.60 and then resume moving upwards to reach 43.25. 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 38.95. In this case, the pair may continue falling towards 36.55. To confirm further growth, the asset must break the cloud’s upside border and fix above 41.35.

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.