Ichimoku cloud analysis: EUR/USD, USD/CAD, XAU/USD
EUR/USD, “Euro vs US Dollar”
EUR/USD has rebounded from the resistance level. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.0725 is expected, followed by a decline to 1.0545. 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 1.0785, which will mean further growth to 1.0875. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the bullish channel with the price securing under 1.0635.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD are testing the signal lines of the indicator. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.3495 is expected, followed by a decline to 1.3395. 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 1.3525, which will mean further growth to 1.3615.
XAU/USD, “Gold vs US Dollar”
Gold is correcting within a bullish channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line of the Cloud at 1925 is expected, followed by a rise to 1945. An additional signal confirming the rise will be a rebound from the lower boundary of the ascending channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price securing under 1910, which will mean a further decline to 1880.
Author
RoboForex Team
RoboForex
RoboForex Team is a group of professional financial experts with high experience on financial market, whose main purpose is to provide traders with quality and up-to-date market information.
