Ichimoku Cloud Analysis 08.03.2021 (USDCAD, XAUUSD, NZDUSD)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2662; 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 1.2615 and then resume moving upwards to reach 1.2845. Another signal in favor of a further uptrend will be a rebound from the downside border of the Triangle pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2555. In this case, the pair may continue falling towards 1.2465. To confirm further growth, the asset must break the pattern’s upside border and fix above 1.2715.

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1706.00; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 1710.00 and then resume moving downwards to reach 1665.00. Another signal in favor of a 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 1725.00. In this case, the pair may continue growing towards 1765.00. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1690.00.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7162; 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 0.7195 and then resume moving downwards to reach 0.7035. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.7245. In this case, the pair may continue growing towards 0.7335. To confirm further decline, the asset must break the rising channel’s downside border and fix below 0.7125.

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.