EURUSD, “Euro vs US Dollar”
EURUSD is testing the upper boundary of the descending channel. The pair is going inside the Ichimoku Cloud, which suggests a sideways movement. A test of the Tenkan-Sen line at 1.0705 is expected, followed by a rise to 1.0855. A rebound from the lower boundary of the bullish channel will signal the price rise. The scenario can be cancelled by a breakout of the lower boundary of the Cloud, with the price securing below 1.0605, indicating a further decline to 1.0515. Meanwhile, the rise could be confirmed by a breakout of the upper boundary of the bearish channel, with the price finding a foothold above 1.0750.
XAUUSD, “Gold vs US Dollar”
Gold is correcting within a bearish Flag pattern. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Kijun-Sen line at 2345 is expected, followed by a decline to 2245. An additional signal confirming the decline will 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 securing above 2365, which will signal a further rise to 2405. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the Flag pattern, with the price establishing itself below 2305.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has gained a foothold above the upper boundary of the descending channel. The pair is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 0.6495 is expected, followed by a rise to 0.6625. An additional signal confirming the rise will be a rebound from the lower boundary of the bullish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud, with the price securing below 0.6395, which will indicate a further decline to 0.6305. Meanwhile, the rise could be confirmed by a breakout of the upper boundary of the bearish channel, with the price establishing itself above 0.6565.
Source: Roboforex
