Ichimoku cloud analysis: USD/CAD, EUR/JPY, NZD/USD
|USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD is trading at 1.2719; 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 1.2620 and then resume moving upwards to reach 1.2935. Another signal in favor 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 1.2390. In this case, the pair may continue falling towards 1.2305.
EUR/JPY, “Euro vs Japanese Yen”
EUR/JPY is trading at 129.23; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the resistance level at 129.55 and then resume moving downwards to reach 127.55. Another signal in favor 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 131.20. In this case, the pair may continue growing towards 132.35.
NZD/USD, “New Zealand Dollar vs US Dollar”
NZD/USD is trading at 0.6902; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.6940 and then resume moving downwards to reach 0.6775. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.7035. In this case, the pair may continue growing towards 0.7125. To confirm further decline, the asset must break the descending channel’s downside border and fix below 0.6835.
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