NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is trading at 0.7010; 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 0.7025 and then resume moving downwards to reach 0.6795. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.7105. In this case, the pair may continue growing towards 0.7205. To confirm further decline, the asset must break the rising channel’s downside border and fix below 0.6975.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is trading at 109.68; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 109.85 and then resume moving downwards to reach 107.35. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 110.40. In this case, the pair may continue growling towards 111.35.
EURCAD, “Euro vs Canadian Dollar”
EURCAD is trading at 1.4962; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.4920 and then resume moving upwards to reach 1.5190. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.4825. In this case, the pair may continue falling towards 1.4735. To confirm further growth, the asset must break the resistance level and fix above 1.4995, thus indictating the completion of an Inverted Head & Shoulders reversal pattern.
