Ichimoku Cloud Analysis 21.08.2020 (EURUSD, LTCUSD, USDRUB)

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1874; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.1890 and then resume moving downwards to reach 1.1635. Another signal in favor of further downtrend will be the formation of a Head & Shoulders reversal pattern. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.1950. In this case, the pair may continue growing towards 1.2035. To confirm further decline, the asset must break the pattern’s “neckline” and fix below 1.1760.

LTCUSD, “Litecoin vs US Dollar”

LTCUSD is trading at 62.66; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 60.70 and then resume moving upwards to reach 71.65. Another signal in favor of further uptrend will be a rebound from the downside border of an ascending “5-0” pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 56.35. In this case, the pair may continue falling towards 54.25.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is trading at 74.07; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 73.45 and then resume moving upwards to reach 75.45. Another signal in favor of further uptrend will be a rebound from the upside border of the Triangle pattern, which was easily broken to the upside by bulls. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 72.55. In this case, the pair may continue falling towards 70.15.