Ichimoku Cloud Analysis 15.10.2020 (AUDUSD, NZDCAD, ETHUSD)

15.10.2020

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7121; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7175 and then resume moving downwards to reach 0.6985. Another signal in favor of 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 0.7235. In this case, the pair may continue growing towards 0.7325. To confirm further decline, the asset must break the support area and fix below 0.7080, thus indicating the completion of a Head & Shoulders reversal pattern.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDCAD, “New Zealand Dollar vs Canadian Dollar”

NZDCAD is trading at 0.8714; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 0.8750 and then resume moving downwards to reach 0.8645. Another signal in favor of 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 0.8805. In this case, the pair may continue growing towards 0.8890. To confirm further decline, the asset must break the rising channel’s downside border and fix below 0.8695.

NZDCAD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs US Dollar”

ETHUSD is trading at 378.21; the instrument is moving above Ichimoku Cloud, thus indicating and ascending tendency. The markets could indicate that the price may test the support area at 370.00 and then resume moving upwards to reach 405.00. Another signal in favor of further uptrend is 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 345.05. In this case, the pair may continue falling towards 305.50.

ETHUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.