Ichimoku cloud analysis: EUR/USD, XAU/USD, Brent
|EUR/USD, “Euro vs US Dollar”
EUR/USD is pushing off the Tenkan-Sen line. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.0585 is expected, followed by a decline to 1.0485. An additional signal confirming the decline will be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price securing above 1.0635, which will indicate further growth to 1.0725.
XAU/USD, “Gold vs US Dollar”
Gold is testing the lower boundary of the descending channel. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the Tenkan-Sen line of the indicator at 1905 is expected, followed by a decline to 1875. An additional signal confirming the decline will be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price securing above 1920, which will signal further growth to 1955.
Brent
Brent has gained a foothold above the upper boundary of the descending channel. The instrument is going above the Ichimoku Cloud, which implies a bullish trend. A test of the Tenkan-Sen line at 92.35 is expected, followed by a rise to 95.75. An additional signal confirming the rise will be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price securing below 90.85, which will indicate a further decline to 85.65.
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