Ichimoku cloud analysis: EUR/USD, USD/JPY, USD/CAD
EUR/USD, “Euro vs US Dollar”
EUR/USD has gained a foothold below the lower boundary of the Double Top reversal pattern. The pair is moving below the Ichimoku Cloud, suggesting a downtrend. A test of the resistance area at 1.0785 is expected, followed by a decline to 1.0680. A rebound from the upper boundary of the bearish channel would be an additional signal confirming the fall. The scenario could be invalidated by a breakout of the upper boundary of the Cloud, with the price securing above 1.0875, indicating a further rise to 1.0965.
USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY is bouncing off the resistance level. The pair is moving above the Ichimoku Cloud, suggesting an uptrend. A test of the Cloud’s upper boundary at 156.10 is expected, followed by a rise to 158.05. A rebound from the lower boundary of the bullish channel would be an additional signal confirming the increase. The scenario could be invalidated by a breakout of the lower boundary of the Cloud, with the price securing below 155.60, indicating a further decline to 154.70.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD has exited the Triangle pattern. The pair is moving above the Ichimoku Cloud, suggesting an uptrend. A test of the support area at 1.3735 is expected, followed by a rise to 1.3805. A rebound from the lower boundary of the bullish channel would be an additional signal confirming the increase. The scenario could be invalidated by a breakout of the lower boundary of the Cloud, with the price securing below 1.3645, indicating a further decline to 1.3555.
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.
