Ichimoku Cloud Analysis 11.06.2020 (USDCAD, XAUUSD, AUDUSD)

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3484; 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 1.3385 and then resume moving upwards to reach 1.3685. 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 1.3325. In this case, the pair may continue falling towards 1.3245.

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1728.00; 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 1705.00 and then resume moving upwards to reach 1770.00. Another signal in favor of further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1690.00. In this case, the pair may continue falling towards 1645.00. To confirm further growth, the asset must break the neckline of a Head & Shoulders reversal pattern and fix above 1740.00.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.6925; 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 0.6955 and then resume moving downwards to reach 0.6745. Another signal in favor of further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7045. In this case, the pair may continue growing towards 0.7135.