Ichimoku Cloud Analysis 26.07.2021 (NZDUSD, GBPUSD, CADCHF)

Article By RoboForex.com

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.6963; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6970 and then resume moving downwards to reach 0.6805. 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 0.7005. In this case, the pair may continue growing towards 0.7105.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3745; 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 1.3750 and then resume moving downwards to reach 1.3505. 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 1.3825. In this case, the pair may continue growing towards 1.3915.

CADCHF, “Canadian Dollar vs Swiss Franc”

CADCHF is trading at 0.7299; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 0.7250 and then resume moving upwards to reach 0.7455. Another signal in favor of a further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.7205. In this case, the pair may continue falling towards 0.7105. To confirm further growth, the asset must break the resistance level and fix above 0.7350, thus breaking the neckline of the Head & Shoulders reversal pattern.

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.