EURUSD, “Euro vs US Dollar”
EURUSD is correcting after an attempt to break the support level. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Kijun-Sen line at 1.0535 is expected, followed by a decline to 1.0345. 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 1.0635, which will mean further growth to 1.0725. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the bullish channel with the price securing under 1.0475.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is pushing off the lower boundary of the Cloud. The instrument is going inside the Ichimoku Cloud, which suggests a flat. A new test of the lower boundary of the Cloud at 148.60 is expected, followed by a rise to 150.55. A signal confirming the growth 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 under 148.15, which will mean a further decline to 147.20. Meanwhile, the growth could be confirmed by a breakout of the upper boundary of the bullish channel with the price securing above 149.45.
XAUUSD, “Gold vs US Dollar”
Gold is squeezed within a forming Pennant pattern. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A new test of the Tenkan-Sen line at 1830 is expected, followed by a decline to 1775. 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 1885, which will mean further growth to 1915. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the Pennant pattern with the price securing under 1805. The target for the pattern is 1765.
