3 Potential Bearish Opportunities

Marios Athinodorou
forex

Key Points

  • GBPUSD Bearish clues
  • EURUSD Bearish Kumo Breakout
  • XAUUSD may start a new downtrend

GBP/USD

For the past 2 months GBPUSD price, based on the Ichimoku system, is out of the cloud and the tekan sen and kijun sean seem to be in a bearish formation.

The chikou span is below the price meaning that the small downtrend  it formed there may continue.

But before we start looking for any bearish signals, we need to have a bounce on the tekan sen or kijun sen.

GBP/USD Daily Chart

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GBP/USD Daily Chart

EUR/USD

Based on Ichimoku system it can be observed that the price is below the cloud. The kijun sen and the tekan sen seem to be in a bearish formation. The chikou span appears below the price.

The picture here seems to be bearish for the moment.

Other clues here that may state a bearish momentum are the color of the cloud Red and the slope of tekan sen.

Now based on the Ichimoku system we would like to see here is the possibility of the price to bounce on the tekan sen start looking for any potential signals.

EUR/USD Daily Chart

{alt}
EUR/USD Daily Chart

Gold

On XAUUSD it can be observed that the price has formed a confirmed kumo break out yet based on the Ichimoku system.

The tekan sen and kijun sen seem to be in bearish formation, the chikou span is below the price and the cloud seems to be in the bearish mode.

What we would like to see here before start looking for any potential signals is the bounce of the price on the tekan sen line.

XAU/USD Daily Chart

{alt}
XAU/USD Daily Chart

This article was written by Marios Athinodorou, TeleTrade’s market analyst, and commentator. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars here.

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