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Ichimoku Cloud Analysis 07.08.2020 (XAUUSD, USDZAR, GBPUSD)

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 2063.00; 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 2050.00 and then resume moving upwards to reach 2115.00. 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 1995.00. In this case, the pair may continue falling towards 1945.00.

Ichimoku Cloud Analysis 07.08.2020 XAUUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDZAR, “US Dollar vs South African Rand”

USDZAR is trading at 17.51; 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 17.25 and then resume moving upwards to reach 18.00. Another signal in favor of 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 16.65. In this case, the pair may continue falling towards 16.35. To confirm further growth, the asset must break the resistance area and fix above 17.65, thus completing a Double Bottom pattern on the daily chart of the asset.

Ichimoku Cloud Analysis 07.08.2020 USDZAR
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3131; 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 1.3110 and then resume moving upwards to reach 1.3235. Another signal in favor of 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 1.3055. In this case, the pair may continue falling towards 1.2975.

Ichimoku Cloud Analysis 07.08.2020 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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