Ichimoku Cloud Analysis 16.08.2022 (GBPUSD, XAUUSD, USDCAD)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is no longer trading within the bullish channel. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2115 and then resume moving downwards to reach 1.1775. 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 1.2235. In this case, the pair may continue growing towards 1.2325. To confirm a further downtrend, the price must break the downside border of a Double Top reversal pattern and fix below 1.1980.

XAUUSD, “Gold vs US Dollar”

XAUUSD is rebounding from the bullish channel’s downside border. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 1785.00 and then resume moving downwards to reach 1715.00. 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 1805.00. In this case, the pair may continue growing towards 1835.00.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is testing the cloud’s upside border. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2820 and then resume moving upwards to reach 1.3150. Another signal in favour of a further uptrend will be a rebound from the downside border of an Inverted Head & Shoulders reversal pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2745. In this case, the pair may continue falling towards 1.2655. To confirm a further uptrend, the price must break the bearish channel’s upside border and fix above 1.2965, thus completing the above-mentioned pattern.

Article By RoboForex.com

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