Ichimoku Cloud Analysis 22.11.2021 (GBPUSD, USDCAD, NZDUSD)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3438; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test at Tenkan-Sen and Kijun-Sen 1.3445 and then resume moving downwards to reach 1.3225. 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 1.3555. In this case, the pair may continue growing towards 1.3655. To confirm further decline, the asset must break the downside border of the Triangle pattern and fix below 1.3395.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2539; 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 1.2550 and then resume moving upwards to reach 1.2775. Another signal in favour 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 1.2470. In this case, the pair may continue falling towards 1.2385.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7006; 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 0.7025 and then resume moving downwards to reach 0.6920. 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 0.7110. In this case, the pair may continue growing towards 0.7205. To confirm further decline, the asset must break the support level and fix below 0.6805. This movement will indicate a breakout of the downside border of a Triangle pattern and the start of the pattern materialization.

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.