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Ichimoku Cloud Analysis 29.05.2024 (EURUSD, USDJPY, XAGUSD)

Written by

Ezekiel Chew

Updated on

May 29, 2024

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EURUSD, “Euro vs US Dollar”

EURUSD is correcting following a rebound from the resistance level. The pair is moving above the Ichimoku Cloud, suggesting an uptrend. A test of the Cloud’s lower boundary at 1.0835 is expected, followed by a rise to 1.0965. A rebound from the lower boundary of the bullish channel would be an additional signal confirming the increase. The scenario could be cancelled by a breakout of the lower boundary of the Cloud, with the price securing below 1.0805, indicating a further decline to 1.0715.

EURUSD

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is testing the indicator’s signal lines. The pair is moving above the Ichimoku Cloud, suggesting an uptrend. A test of the Cloud’s upper boundary at 156.85 is expected, followed by a rise to 158.45. A rebound from the upper boundary of the bearish channel would be an additional signal confirming the increase. The scenario could be cancelled by a breakout of the lower boundary of the Cloud, with the price securing below 156.55, indicating a further decline to 155.65.

USDJPY

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAGUSD, “Silver vs US Dollar”

Silver is rising within a bullish channel. The pair is moving above the Ichimoku Cloud, suggesting an uptrend. A test of the Kijun-Sen line at 31.70 is expected, followed by a rise to 33.45. A rebound from the lower boundary of the bullish channel would be an additional signal confirming the increase. The scenario could be cancelled by a breakout of the lower boundary of the Cloud, with the price securing below 30.65, indicating a further decline to 29.75.

silver

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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