Ichimoku Cloud Analysis 19.05.2021 (CADCHF, EURCHF, NZDCAD)

Article By RoboForex.com

CADCHF, “Canadian Dollar vs Swiss Franc”

CADCHF is trading at 0.7439; 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 0.7425 and then resume moving downwards to reach 0.7335. Another signal in favor of a further downtrend will be the formation of a Head & Shoulders reversal pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7485. In this case, the pair may continue growing towards 0.7575. To confirm further decline, the asset must break the rising channel’s downside border and fix below 0.7420.

EURCHF, “Euro vs Swiss Franc”

EURCHF is trading at 1.0984; 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 1.0975 and then resume moving upwards to reach 1.1050. Another signal in favor of a further uptrend will be the formation of a Double Bottom reversal pattern – as we can see, the asset has tested the support area at 1.0930 twice. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.0940. In this case, the pair may continue falling towards 1.0855. To confirm further growth, the asset must break the descending channel’s upside border and fix above 1.1005.

NZDCAD, “New Zealand Dollar vs Canadian Dollar”

NZDCAD is trading at 0.8720; 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 0.8735 and then resume moving downwards to reach 0.8585. Another signal in favor of a further downtrend will be a rebound from the bearish 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 0.8780. In this case, the pair may continue growing towards 0.8890.

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.