Ichimoku cloud analysis: XRP/USD, XAU/USD, USD/CAD
|XRP/USD, “Ripple vs US Dollar”
XRP/USD is trading at 0.5537; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. Bulls haven’t been able to break the resistance area at 0.7950. The markets could indicate that the price may test the cloud’s downside border at 0.6205 and then resume moving downwards to reach 0.3365. Another signal in favor of further downtrend will be a rebound from the broken trendline However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7010. In this case, the pair may continue growing towards 0.7225.
XAU/USD, “Gold vs US Dollar”
XAU/USD is trading at 1807.00; 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 1810.00 and then resume moving downwards to reach 1765.00. Another signal in favor of 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 1845.00. In this case, the pair may continue growing towards 1875.00.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD is trading at 1.3005; 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 1.3015 and then resume moving downwards to reach 1.2945. Another signal in favor of further downtrend will be a rebound from the upside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.3065. In this case, the pair may continue growing towards 1.3145. To confirm further decline, the asset must break the pattern’s downside border and fix below 1.2975.
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