EURUSD, “Euro vs US Dollar”
EURUSD is rebounding from the upper boundary of the descending channel. The instrument is going inside the Ichimoku Cloud, indicating the prevalence of a sideways trend. A test of the upper boundary of the Cloud at 1.0780 is expected, followed by a decline to 1.0645. An additional signal confirming the decline could 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 finding a foothold above 1.0830, which will mean further growth to 1.0920. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel with the price finding a foothold under 1.0725.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is declining after a rebound from the resistance. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 0.6120 is expected, followed by a rise to 0.6215. An additional signal confirming the rise might be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 0.6070, which will mean a further decline to 0.5980. Meanwhile, the growth could be confirmed by a breakout of the resistance level with the price finding a foothold above 0.6175.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is correcting within a Triangle pattern. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 150.15 is expected, followed by a rise to 152.55. An additional signal confirming the rise might be a rebound from the lower boundary of the Triangle pattern. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 148.25, which will mean a further decline to 147.35. Meanwhile, the growth could be confirmed by a breakout of the upper boundary of the Triangle with the price finding a foothold above 151.35.
Source: Roboforex
