GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is still growing within the bullish impulse at 1.3142. The bears’ second attempt to break the support area at 1.2965 failed, that’s why the daily chart has the potential for the formation of a Double Bottom reversal pattern. To complete the pattern, bulls have to fix above 1.3300 – after that, they may continue pushing the price up to 1.3600. 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 1.3080 and then resume moving upwards to reach 1.3270. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3005. In this case, the pair may continue falling towards 1.2910.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is rebounding from Tenkan-Sen and Kijun-Sen at 0.6830. The current price movement may be considered a “5-0” bearish pattern. As a rule, after testing this pattern’s upside border, the price falls and updates the local low. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6875 and then resume moving downwards to reach 0.6650. 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 0.6950. In this case, the pair may continue growing towards 0.7035.
XAUUSD, “Gold vs US Dollar”
XAUUSD is testing Tenkan-Sen at 1973.00. Yesterday, bulls managed to break the sideways channel the asset had been moving in for about a month. As a result, the upside target may be at 2035.00. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Kijun-Sen at 1960.00 and then resume moving upwards to reach 2030.00. 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 1910.00. In this case, the pair may continue falling towards 1880.00.
Source: Roboforex
