Ichimoku Cloud Analysis 08.08.2022 (GBPUSD, XAUUSD, USDCAD)
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is rebounding from Tenkan-Sen and Kijun-Sen. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Kijun-Sen at 1.2115 and then resume moving downwards to reach 1.1765. Another signal in favour of a 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 1.2205. In this case, the pair may continue growing towards 1.2305. To confirm a further downtrend, the price must break the bullish channel’s downside border and fix below 1.1955.
XAUUSD, “Gold vs US Dollar”
XAUUSD is testing Kijun-Sen. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Kijun-Sen at 1755.00 and then resume moving upwards to reach 1825.00. Another signal in favour of a further uptrend will be 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 1725.00. In this case, the pair may continue falling towards 1685.00.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is correcting within the bullish channel. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Kijun-Sen at 1.2905 and then resume moving upwards to reach 1.3110. Another signal in favour of a further uptrend will be 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 1.2795. In this case, the pair may continue falling towards 1.2695. To confirm a further uptrend, the price must break the bearish channel’s upside border and fix above 1.3065.
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.