Ichimoku cloud analysis: USD/CAD, EUR/USD, AUD/USD
|USD/CAD, “US Dollar vs Canadian Dollar”
USDCAD is testing the bearish channel’s downside border. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen at 1.2625 and then resume moving downwards to reach 1.2325. 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 1.2795. In this case, the pair may continue growing towards 1.2875.
EUR/USD, “Euro vs US Dollar”
EUR/USD is rising inside the bullish channel. 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 1.0705 and then resume moving upwards to reach 1.0955. 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 1.0575. In this case, the pair may continue falling towards 1.0485. To confirm a further uptrend, the price must break the rising channel’s upside border and fix above 1.0845.
AUD/USD, “Australian Dollar vs US Dollar”
AUD/USD is forming a bullish impulse. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7200 and then resume moving upwards to reach 0.7425. 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 0.7025. In this case, the pair may continue falling towards 0.6935.
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