Ichimoku Cloud Analysis 16.11.2022 (EURUSD, USDCAD, GBPUSD)

By RoboForex.com

EURUSD, “Euro vs US Dollar”

The pair has secured under the Tenkan-Sen line and is preparing to develop a correction by the Head and Shoulders pattern. The pair is going above the Ichimoku Cloud, which indicates an uptrend. A test of the Kijun-Sen line at 1.0220 is expected, followed by growth to 1.0685. An additional signal confirming the growth will be a bounce off the lower border of the bullish channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 0.9935, which will entail further falling to 0.9845.

USDCAD, “US Dollar vs Canadian Dollar”

The pair is testing the support area, going under the Ichimoku Cloud, which indicates a downtrend. A test of the lower border of the Cloud at 1.3345 is expected, followed by falling to 1.2985. An additional signal confirming the decline will be a bounce off the upper border of the descending channel. The scenario can be cancelled by a breakaway of the upper border of the Cloud and securing above 1.3575, which will entail further growth to 1.3665.

GBPUSD, “Great Britain Pound vs US Dollar”

The pair is correcting inside a bullish channel, going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line is expected at 1.1720, followed by growth to 1.2345. An additional signal confirming the growth will be a bounce off the lower border of the ascending channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 1.1355, which will entail further falling to 1.1265. The scenario can be confirmed by a breakaway of the upper border of the bullish channel and securing above 1.2105.

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.