NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is rebounding from the bearish channel’s upside border. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. Early in May, there was a similar test of the cloud, which resulted in a further downtrend. The markets could indicate that the price may re-test Tenkan-Sen at 0.6330 and then resume moving downwards to reach 0.6075. 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 0.6405. In this case, the pair may continue growing towards 0.6505. To confirm further decline, the asset must break the rising channel’s downside border and fix below 0.6230; so far, bears haven’t been able to leave the correctional channel.
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 the cloud’s downside border at 1825.00 and then resume moving downwards to reach 1725.00. 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 1865.00. In this case, the pair may continue growing towards 1895.00. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1805.00.
EURGBP, “Euro vs Great Britain Pound”
EURGBP is correcting within a “5-0” pattern. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.8490 and then resume moving downwards to reach 0.8320. 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 0.8535. In this case, the pair may continue growing towards 0.8625.
