Ichimoku cloud analysis: EUR/GBP, AUD/USD, USD/CAD
|EUR/GBP, “Euro vs Great Britain Pound”
EURGBP is trading at 0.8539; 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 0.8565 and then resume moving downwards to reach 0.8475. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.8605. In this case, the pair may continue growing towards 0.8705.
AUD/USD, “Australian Dollar vs US Dollar”
AUDUSD is trading at 0.7375; 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 0.7395 and then resume moving downwards to reach 0.7215. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7455. In this case, the pair may continue growing towards 0.7545. To confirm further decline, the asset must break the cloud’s downside border and fix below 0.7325.
USD/CAD, “US Dollar vs Canadian Dollar”
USDCAD is trading at 1.2644; 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 1.2590 and then resume moving upwards to reach 1.2865. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2525. In this case, the pair may continue falling towards 1.2435. To confirm further growth, the asset must break the resistance level and fix above 1.2720.
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