Ichimoku Cloud Analysis 01.11.2021 (EURUSD, GBPUSD, USDCAD)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1560; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.1585 and then resume moving downwards to reach 1.1465. Another signal in favour of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.1665. In this case, the pair may continue growing towards 1.1755.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3673; 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 1.3705 and then resume moving downwards to reach 1.3475. Another signal in favour of a further downtrend will be a rebound from the descending channel’s downside 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 1.3905.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2391; 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 1.2370 and then resume moving upwards to reach 1.2610. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2325. In this case, the pair may continue falling towards 1.2235. To confirm further growth, the asset must break the upside border of the Triangle pattern and fix above 1.2435.

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.