Ichimoku Cloud Analysis 18.08.2022 (GBPUSD, AUDUSD, USDCAD)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is testing the support area. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen at 1.2090 and then resume moving downwards to reach 1.1835. 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 1.2205. In this case, the pair may continue growing towards 1.2305. To confirm a further downtrend, the price must break the downside border of a Double Top reversal pattern and fix below 1.1955.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is rebounding from the bullish channel’s downside border. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen at 0.6965 and then resume moving downwards to reach 0.6755. 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 0.7095. In this case, the pair may continue growing towards 0.7190. To confirm a further downtrend, the price must break the bullish channel’s downside border and fix below 0.6820.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is testing the upside border of the reversal pattern. 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 upside border at 1.2855 and then resume moving upwards to reach 1.3135. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. 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 upside border of the Double Top reversal pattern and fix above 1.2995.

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.