Ichimoku cloud analysis: AUD/USD, EUR/JPY, XRP/USD
|AUD/USD, “Australian Dollar vs US Dollar”
AUD/USD is trading at 0.7314; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside at 0.7300 and then resume moving upwards to reach 0.7460. Another signal in favor of further uptrend will be a rebound from the downside border of an Ascending Triangle pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.7155. In this case, the pair may continue falling towards 0.7065. To confirm further growth, the asset must break the pattern’s upside border and fix above 0.7375.
EUR/JPY, “Euro Pound vs Japanese Yen”
EUR/JPY is trading at 123.19; 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 123.35 and then resume moving downwards to reach 121.55. Another signal in favor of 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 124.45. In this case, the pair may continue growing towards 125.65. To confirm further decline, the asset must break the rising channel’s downside border and fix below 122.65.
XRP/USD, “Ripple vs US Dollar”
XRP/USD is trading at 0.4503; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.4335 and then resume moving upwards to reach 0.5425. Another signal in favor of 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 0.3835. In this case, the pair may continue falling towards 0.3545. To confirm further growth, the asset must break the upside border of the Triangle pattern and fix above 0.4925.
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