BRENT
Brent is trading at 42.33; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test at the cloud’s downside border 41.10 and then resume moving upwards to reach 45.85. Another signal in favor of further uptrend will be a formation of an Inverted Head & Shoulders reversal pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 39.80. In this case, the pair may continue falling towards 39.05. To confirm further growth, the asset must break the neckline of the Head & Shoulders reversal pattern and fix above 43.65.
XAUUSD, “Gold vs US Dollar”
XAUUSD is trading at 1889.00; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 1900.00 and then resume moving downwards to reach 1825.00. Another signal in favor of 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 1920.00. In this case, the pair may continue growing towards 1950.00. To confirm further decline, the asset must break the cloud’s downside border and fix below 1865.00.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is trading at 0.7129; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7145 and then resume moving downwards to reach 0.6975. Another signal in favor of further downtrend will be a formation of a Double Top reversal pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7205. In this case, the pair may continue growing towards 0.7295. To confirm further decline, the asset must break the support area and fix below 0.7055, thus indicating a breakout of the cloud’s downside border.
