Ichimoku Cloud Analysis 29.11.2021 (EURUSD, USDCAD, GBPJPY)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1281; 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 1.1285 and then resume moving downwards to reach 1.1105. 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 1.1375. In this case, the pair may continue growing towards 1.1465.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2750; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2685 and then resume moving upwards to reach 1.2965. 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 1.2585. In this case, the pair may continue falling towards 1.2495.

GBPJPY, “Great Britain Pound vs Japanese Yen”

GBPJPY is trading at 150.87; 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 151.30 and then resume moving downwards to reach 149.15. Another signal in favour of a further downtrend will be a rebound from the upside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 162.55. In this case, the pair may continue growing towards 153.45. To confirm further decline, the asset must break the support level and fix below 150.10, thus indicating a breakout of the pattern’s downside border.

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.