EURUSD, “Euro vs US Dollar”
EURUSD is correcting within the Wedge pattern. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 1.0045 and then resume moving downwards to reach 0.9845. Another signal in favour of a further downtrend will be a rebound from the upside border of the Wedge pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.0110. In this case, the pair may continue growing towards 1.0215. To confirm a further downtrend, the price must break the pattern’s downside border and fix below 0.9965.
XAUUSD, “Gold vs US Dollar”
XAUUSD is testing Tenkan-Sen and Kijun-Sen. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Kijun-Sen at 1675.00 and then resume moving downwards to reach 1625.00. 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 1705.00. In this case, the pair may continue growing towards 1745.00.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is rebounding from the support area. 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 1.3225 and then resume moving upwards to reach 1.3425. 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 1.3045. In this case, the pair may continue falling towards 1.2955.
Source: Roboforex
