Ichimoku Cloud Analysis 17.01.2022 (EURUSD, XAGUSD, USDCAD)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1413; 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 1.1375 and then resume moving upwards to reach 1.1560. 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 1.1290. In this case, the pair may continue falling towards 1.1195.

XAGUSD, “Silver vs US Dollar”

XAGUSD is trading at 22.97; 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 22.65 and then resume moving upwards to reach 24.05. Another signal in favour 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 22.15. In this case, the pair may continue falling towards 21.25. To confirm further growth, the asset must break the “neckline” of a Head & Shoulders reversal pattern and fix above 23.50.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2541; 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 1.2560 and then resume moving downwards to reach 1.2305. 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 1.2705. In this case, the pair may continue growing towards 1.2805.

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.