Ichimoku Cloud Analysis 02.11.2021 (NZDUSD, AUDUSD, EURJPY)

Article By RoboForex.com

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7161; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7165 and then resume moving downwards to reach 0.7025. 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 0.7205. In this case, the pair may continue growing towards 0.7305. To confirm further decline, the asset must break the “neckline” of a Head & Shoulders pattern and fix below 0.7120.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7471; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7505 and then resume moving downwards to reach 0.7345. 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 0.7545. In this case, the pair may continue growing towards 0.7635. To confirm further decline, the asset must break the cloud’s downside border and fix below 0.7455.

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 131.87; 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 132.15 and then resume moving downwards to reach 129.95. Another signal in favour 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 132.95. In this case, the pair may continue growing towards 133.95. To confirm further decline, the asset must break the downside border of a Triangle pattern and fix below 131.45.

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.