EURUSD, “Euro vs US Dollar”
EURUSD is trading at 1.1928; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 1.1945 and then resume moving downwards to reach 1.1825. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.1975. In this case, the pair may continue growing towards 1.2065. To confirm further decline, the asset must break the support area and fix below 1.1905 – as we can see, the pair rebounded from this level several times in the past.
XAUUSD, “Gold vs US Dollar”
XAUUSD is trading at 1722.00; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the resistance area at 1725.00 and then resume moving downwards to reach 1655.00. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1755.00. In this case, the pair may continue growing towards 1795.00. To confirm further decline, the asset must break the neckline of a Head & Shoulders reversal pattern and fix below 1690.00.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is trading at 1.2558; 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 1.2505 and then resume moving downwards to reach 1.2395. Another signal in favor of a further downtrend will be a rebound from descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2605. In this case, the pair may continue growing towards 1.2695.
