In today’s Forex Market Ichimoku Outlook we will take a closer look at AUD/USD, EUR/PLN, GBP/JPY and XAU/USD. Few crosses, nice major and commodity pair, so everybody will find something interesting.
Before we start. In case, if you never heard about Ichimoku before, you will find the most crucial information HERE.
AUD/USD
Aussie is still under the cloud and currently approaches its lower limit (where Kijun line is located also). Although, strong support can be found 120 pips from the price, short positioning may have around 30-pips SL which gives very good risk/reward (4:1).
EUR/PLN
For a long period of time, cross is respecting the Kijun line and there were many opportunities to enter long positions with small SL. If another correction occurs then you should consider going long.
GBP/JPY
British pound to Japanese yen gave sell signal day before yesterday. Weekly chart does not look good, however protecting the short positions just above the Monday’s maximum can give us even 6:1 profit-to-risk ratio (when targeting minimums).
XAU/USD
Gold starts to shine and may give interesting sale signal. After price breaking below the cloud last week, there is ongoing correction. If rebound from lower Kumo limit and Tenkan or Kijun line occurs (there are close to each other and also close to Senkou Span B which strengthen the level even more), we will definitely sell. Worth observation!
