EURUSD, “Euro vs US Dollar”
EURUSD is trading at 1.1761; 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 1.1730 and then resume moving upwards to reach 1.1875. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may be cancelled if the price breaks the cloud’s downside border and fixes below 1.1675. In this case, the pair may continue falling towards 1.1585.
GBPAUD, “Great Britain Pound vs Australian Dollar”
GBPAUD is trading at 1.8897; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.8925 and then resume moving downwards to reach 1.8745. Another signal in favor of a further downtrend will be a rebound from the upside border of a Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.9105. In this case, the pair may continue growing towards 1.9205. To confirm further decline, the asset must break the pattern’s downside border and fix below 1.8875.
AUDCAD, “Australian Dollar vs Canadian Dollar”
AUDCAD is trading at 0.9186; 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 0.9165 and then resume moving upwards to reach 0.9275. Another signal in favor of a further uptrend will be a rebound from the descending trendline. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.9125. In this case, the pair may continue falling towards 0.9095. To confirm further growth, the asset must break the resistance level and fix above 0.9230, thus completing the formation of a Double Bottom reversal pattern.
