Ichimoku Cloud Analysis 05.10.2020 (EURUSD, XAUUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1725; 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 1.1735 and then resume moving downwards to reach 1.1555. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.1795. In this case, the pair may continue growing towards 1.1885. To confirm further decline, the asset must break the cloud’s downside border and fix below 1.1635.

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1891.00; 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 1900.00 and then resume moving downwards to reach 1830.00. 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 1925.00. In this case, the pair may continue growing towards 1955.00. To confirm further decline, the asset must break the cloud’s downside border and fix below 1860.00.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.2931; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2875 and then resume moving upwards to reach 1.3205. Another signal in favor of 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 1.2735. In this case, the pair may continue falling towards 1.2645.