Ichimoku cloud analysis: GBP/USD, USD/JPY, USD/ZAR

RoboForex Team RoboForex

GBP/USD, “Great Britain Pound vs US Dollar”

GBP/USD is trading at 1.2997; 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 1.2960 and then resume moving upwards to reach 1.3130. Another signal in favor of further downtrend 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 1.2905. In this case, the pair may continue falling towards 1.2810. To confirm further growth, the asset must break the upside border of a Triangle pattern and fix above 1.3030.

USD/JPY, “US Dollar vs Japanese Yen”

USD/JPY is trading at 105.21; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 105.30 and then resume moving downwards to reach 104.00. Another signal in favor of further downtrend will be a rebound from the support level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 105.75. In this case, the pair may continue growing towards 106.65.

USD/ZAR, “US Dollar vs South African Rand”

USD/ZAR is trading at 16.39; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 16.50 and then resume moving downwards to reach 15.95. Another signal in favor of further downtrend will be a rebound from the downside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 16.75. In this case, the pair may continue growing towards 17.65.

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RoboForex Team

RoboForex

RoboForex Team is a group of professional financial experts with high experience on financial market, whose main purpose is to provide traders with quality and up-to-date market information.

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