EURUSD, “Euro vs US Dollar”
EURUSD is trading at 1.1371; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may re-test Tenkan-Sen and Kijun-Sen at 1.1380 and then resume moving downwards to reach 1.1205. Another signal in favour 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 1.1515. In this case, the pair may continue growing towards 1.1605.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is trading at 0.7273; 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 0.7305 and then resume moving downwards to reach 0.7145. Another signal in favour 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 0.7395. In this case, the pair may continue growing towards 0.7485.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is trading at 114.29; 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 114.40 and then resume moving downwards to reach 113.05. Another signal in favour of a further downtrend will be a rebound from the upside border of a Head & Shoulders reversal pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 114.85. In this case, the pair may continue growing towards 115.75. To confirm further decline, the asset must break the reversal pattern’s “neckline” and fix below 113.85.
