Ichimoku cloud analysis: GBP/USD, NZD/USD, USD/CAD
|GBP/USD, “Great Britain Pound vs US Dollar”
GBPUSD is no longer moving inside the bearish channel. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen at 1.1105 and then resume moving upwards to reach 1.1855. 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 1.0625. In this case, the pair may continue falling towards 1.0535.
NZD/USD, “New Zealand Dollar vs US Dollar”
NZD/USD is testing Tenkan-Sen and Kijun-Sen. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Kijun-Sen at 0.5675 and then resume moving downwards to reach 0.5395. 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 0.5845. In this case, the pair may continue growing towards 0.5935. To confirm a further downtrend, the price must break the bullish channel’s downside border and fix below 0.5590.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD is correcting within the Triangle pattern. 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 1.3645 and then resume moving upwards to reach 1.4075. 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 1.3420. In this case, the pair may continue falling towards 1.3330. To confirm a further uptrend, the price must break the pattern’s upside border and fix above 1.3875.
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