Ichimoku Cloud Analysis 16.11.2020 (EURJPY, NZDUSD, BTCUSD)

Article By RoboForex.com

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 123.85; 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 123.45 and then resume moving upwards to reach 125.65. 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 122.95. In this case, the pair may continue falling towards 121.95. To confirm further growth, the asset must break the upside border of a Flag pattern and fix above 124.55.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.6871; 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 0.6820 and then resume moving upwards to reach 0.7025. 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 0.6705. In this case, the pair may continue falling towards 0.6615. To confirm further growth, the asset must break the pattern’s upside border and fix above 0.6920.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is trading at 16212.00; 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 15965.00 and then resume moving upwards to reach 17345.00. 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 14550.00. In this case, the pair may continue falling towards 13605.00.

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.