EURUSD, “Euro vs US Dollar”
EURUSD is rebounding from Tenkan-Sen at 1.0781; it is testing the downside border of a large Triangle pattern. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.0835 and then resume moving downwards to reach 1.0585. 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 1.0955. In this case, the pair may continue growing towards 1.1045. If the asset fixes below 1.0600, it will break the pattern’s downside border and the next downside target will be at 0.9880.
XAUUSD, “Gold vs US Dollar”
XAUUSD is testing Tenkan-Sen and Kijun-Sen at 1974.00. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1960.00 and then resume moving upwards to reach 2025.00. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1935.00. In this case, the pair may continue falling towards 1880.00. The asset has also completed a Double Bottom reversal pattern. If, after another descending correction, bulls manage to fix quickly above 1965.00 and rebound from the pattern’s upside border, the next upside target will be at 2040.00.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD continues correcting within the bullish channel at 1.2570; bulls have failed to fix above the resistance at 1.2655 and continue pushing the price towards 1.2900. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2530 and then resume moving upwards to reach 1.2695. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2505. In this case, the pair may continue falling towards 1.2415. To confirm a further uptrend, the price must break the upside border of the Triangle pattern and fix above 1.2635. The pattern materialisation target will be at 1.2755.
