EURUSD, “Euro vs US Dollar”
EURUSD is trading at 1.1787; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.1815 and then resume moving downwards to reach 1.1670. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may be cancelled if the price breaks the cloud’s upside border and fixes above 1.1875. In this case, the pair may continue growing towards 1.1965. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1.1750.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is trading at 0.7098; 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 0.7115 and then resume moving downwards to reach 0.6955. Another signal in favor of a further downtrend will be a rebound from the resign channel’s downside border. However, the bearish scenario may be cancelled if the price breaks the cloud’s upside border and fixes above 0.7145. In this case, the pair may continue growing towards 0.7235. To confirm further decline, the asset must break the support level and fix below 0.7040, thus completing a Double Top reversal pattern.
CADJPY, “Canadian Dollar vs Japanese Yen”
CADJPY is trading at 86.82; 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 87.15 and then resume moving downwards to reach 84.85. 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 87.95. In this case, the pair may continue growing towards 88.85. To confirm further decline, the asset must break the rising channel’s downside border and fix below 85.45.
