Ichimoku cloud analysis: GBP/USD, USD/CAD, XAU/USD
|GBP/USD, “Great Britain Pound vs US Dollar”
GBP/USD is pushing off the signal lines of the indicator. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Tenkan-Sen line at 1.2145 is expected, followed by a decline to 1.2015. An additional signal confirming the decline will be a rebound from the upper boundary of the descending channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price securing above 1.2225, which will indicate further growth to 1.2315.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD is correcting following the bullish momentum. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 1.3480 is expected, followed by a rise to 1.3615. An additional signal confirming the rise will be a rebound from the lower boundary of the bullish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price securing below 1.3435, which will indicate a further decline to 1.3345. Meanwhile, growth could be confirmed by a breakout of the upper boundary of the descending channel with the price securing above 1.3565.
XAU/USD, “Gold vs US Dollar”
Gold is testing the support area. The instrument is going below the Ichimoku Cloud, which implies a bearish trend. A test of the Kijun-Sen line at 1885 is expected, followed by a decline to 1850. 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 1905, which will signal further growth to 1945. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the bearish Flag pattern with the price securing below 1870.
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