Ichimoku cloud analysis: EUR/USD, XAU/USD, GBP/AUD

EUR/USD, “Euro vs US Dollar”

EUR/USD is trading at 1.1271; 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 1.1290 and then resume moving downwards to reach 1.1135. Another signal in favour of a 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 1.1340. In this case, the pair may continue growing towards 1.1435. To confirm further decline, the asset must break the pattern’s downside border and fix below 1.1225.

XAU/USD, “Gold vs US Dollar”

XAU/USD is trading at 1769.00; 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 1775.00 and then resume moving downwards to reach 1725.00. 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 1795.00. In this case, the pair may continue growing towards 1835.00.

GBP/AUD, “Great Britain Pound vs Australian Dollar”

GBP/AUD is trading at 1.8597; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 1.8615 and then resume moving downwards to reach 1.8275. Another signal in favour of a further downtrend will be a rebound from the upside border of the “5-0” pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.8695. In this case, the pair may continue growing towards 1.8785. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1.8520.