Ichimoku Cloud Analysis 20.04.2021 (EURAUD, EURJPY, XAGUSD)

Article By RoboForex.com

EURAUD, “Euro vs Australian Dollar”

EURAUD is trading at 1.5455; 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 1.5520 and then resume moving downwards to reach 1.5195. Another signal in favor of a 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 1.5575. In this case, the pair may continue growing towards 1.5665. To confirm further decline, the asset must break the neckline of a Head & Shoulders reversal pattern and fix below 1.5415. The pattern materialization target is at 1.5175.

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 130.47; 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 130.10 and then resume moving upwards to reach 131.95. 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 129.50. In this case, the pair may continue falling towards 128.65. To confirm further growth, the asset must break the pattern’s upside border and fix above 130.85. The pattern materialization target is at 131.35.

XAGUSD, “Silver vs US Dollar”

XAGUSD is trading at 25.98; 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 25.55 and then resume moving upwards to reach 27.95. Another signal in favor of a 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 24.45. In this case, the pair may continue falling towards 23.55.

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.