Ichimoku Cloud Analysis 12.03.2021 (XAUUSD, USDCAD, EURUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1712.00; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the resistance area at 1715.00 and then resume moving downwards to reach 1635.00. 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 1765.00. In this case, the pair may continue growing towards 1805.00. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1690.00.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2558; 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 1.2605 and then resume moving downwards to reach 1.2405. Another signal in favor of a further downtrend will be a rebound from the downside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2685. In this case, the pair may continue growing towards 1.2775.

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1949; 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 1.1965 and then resume moving downwards to reach 1.1755. 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 1.2045. In this case, the pair may continue growing towards 1.2135. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1.1905..

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.