GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is trading at 1.3521; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.3495 and then resume moving upwards to reach 1.3680. 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 1.3450. In this case, the pair may continue falling towards 1.3360. To confirm further growth, the asset must break the descending channel’s upside border and fix above 1.3605.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is trading at 0.6637; 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 0.6645 and then resume moving downwards to reach 0.6485. 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 0.6705. In this case, the pair may continue growing towards 0.6805. To confirm further decline, the asset must break the cloud’s downside border and fix below 0.6565.
AUDCAD, “Australian Dollar vs Canadian Dollar”
AUDCAD is trading at 0.9031; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.8995 and then resume moving upwards to reach 0.9170. Another signal in favour of a further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.8965. In this case, the pair may continue falling towards 0.8875. To confirm further growth, the asset must break the resistance level and fix above 0.9105, thus completing an Inverted Head & Shoulders reversal pattern. The pattern materialisation target is at 0.9240.
Source: Roboforex
