EURUSD, “Euro vs US Dollar”
EURUSD has gained a foothold below the lower boundary of the bullish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.0585 is expected, followed by a decline to 1.0425. An additional signal confirming the decline will be a rebound from the lower boundary of the ascending channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price securing above 1.0635, which will indicate further growth to 1.0730. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the bullish channel with the quotes securing below 1.0505.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is pushing off the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.3850 is expected, followed by a rise to 1.4035. 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 1.3655, which will signal a further decline to 1.3565.
XAGUSD, “Silver vs US Dollar”
Silver is testing the lower boundary of a Double Top reversal pattern. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 22.75 is expected, followed by a decline to 21.35. An additional signal confirming the decline will be a rebound from the lower boundary of the bullish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price securing above 23.55, which will indicate further growth to 24.45. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the Double Top reversal pattern with the quotes securing below 22.25.
