Ichimoku Cloud Analysis 24.11.2020 (ETHUSD, XAUUSD, EURGBP)

Article By RoboForex.com

ETHUSD, “Ethereum vs US Dollar”

ETHUSD is trading at 610.04; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. Bulls are trying to hold 600.00. The markets could indicate that the price may test the cloud’s upside border at 580.00 and then resume moving upwards to reach 675.75. Another signal in favor of further uptrend is 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 535.00. In this case, the pair may continue falling towards 465.00.

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1826.00; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. Earlier, after breaking the support level at 1850.00, bears tried to fix below this area three times. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1850.00 and then resume moving downwards to reach 1775.00. 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 1915.00. In this case, the pair may continue growing towards 1945.00.

EURGBP, “Euro vs Great Britain Pound”

EURGBP is trading at 0.8885; 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 0.8905 and then resume moving downwards to reach 0.8835. Another signal in favor of further downtrend will be a rebound from the resistance level. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.8925. In this case, the pair may continue growing towards 0.9015.

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.