Ichimoku Cloud Analysis 09.02.2024 (EURUSD, NZDUSD, XAUUSD)

EURUSD, “Euro vs US Dollar”

EURUSD is rebounding from the resistance level. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.0800 is expected, followed by a decline to 1.0635. An additional signal confirming the decline could 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 finding a foothold above 1.0855, which will mean further growth to 1.0945. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel with the price finding a foothold under 1.0720.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is rebounding from the upper boundary of the descending channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the lower boundary of the Cloud at 0.6095 is expected, followed by a rise to 0.6215. An additional signal confirming the rise might be a rebound from the upper boundary of the descending channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 0.6050, which will mean a further decline to 0.5960. Meanwhile, the growth could be confirmed by a breakout of the upper boundary of the Double Bottom pattern with the price finding a foothold above 0.6185.

XAUUSD, “Gold vs US Dollar”

Gold has found a foothold under the lower boundary of the bullish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the upper boundary of the Cloud at 2035 is expected, followed by a decline to 1995. An additional signal confirming the decline could 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 finding a foothold above 2055, which will mean further growth to 2085. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the Head and Shoulders reversal pattern with the price finding a foothold under 2005.