Ichimoku cloud analysis: GBP/JPY, USD/ZAR, EUR/NZD
|GBP/JPY, “Great Britain Pound vs Japanese Yen”
GBP/JPY is trading at 134.55; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 134.05 and then resume moving upwards to reach 136.55. Another signal is 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 133.85. In this case, the pair may continue falling towards 132.95. To confirm further growth, the asset must break the descending channel’s upside border and fix above 135.35.
USD/ZAR, “US Dollar vs South African Rand”
USD/ZAR is trading at 16.73; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 16.85 and then resume moving downwards to reach 16.25. 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 17.00. In this case, the pair may continue growing towards 17.35.
EUR/NZD, “Euro vs New Zealand Dollar”
EUR/NZD is trading at 1.7394; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.7355 and then resume moving upwards to reach 1.7605. Another signal in favor of 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 1.7205. In this case, the pair may continue falling towards 1.7110. To confirm further growth, the asset must break the upside border of the Triangle pattern and fix above 1.7450.
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