Ichimoku cloud analysis: NZD/USD, GBP/USD, NZD/CAD
|NZD/USD, “New Zealand Dollar vs US Dollar”
NZD/USD is trading at 0.6587; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6600 and then resume moving downwards to reach 0.6440. Another signal in favor of further downtrend will be a breakout of the rising channel’s downside border and a fixation below 0.6545. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.6655. In this case, the pair may continue growing towards 0.6745.
GBP/USD, “Great Britain Pound vs US Dollar”
GBP/USD is trading at 1.2883; 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 1.2945 and then resume moving downwards to reach 1.2640. Another signal in favor of further downtrend will be the formation of a Head & Shoulders reversal pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.3005. In this case, the pair may continue growing towards 1.3095. To confirm further decline, the asset must break the neckline of the Head & Shoulders pattern and fix below 1.2835.
NZD/CAD, “New Zealand Dollar vs Canadian Dollar”
NZD/CAD is trading at 0.8718; 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 0.8725 and then resume moving downwards to reach 0.8590. Another signal in favor of 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 0.8795. In this case, the pair may continue growing towards 0.8885.
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