Ichimoku cloud analysis: EUR/USD, USD/CAD, NZD/USD
|EUR/USD, “Euro vs US Dollar”
EUR/USD is pushing off the Tenkan-Sen line. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.0880 is expected, followed by a decline to 1.0665. 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 1.0965, which will indicate further growth to 1.1055.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD is testing the support level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud is expected at 1.3495, followed by a rise to 1.3715. The growth can be additionally confirmed by 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 1.3430, which will indicate a further decline to 1.3340.
NZD/USD, “New Zealand Dollar vs US Dollar”
NZD/USD is correcting within a descending channel. The instrument is going inside the Ichimoku Cloud, which suggests a sideways movement. A test of the resistance level at 0.5980 is expected, followed by a decline to 0.5805. A 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 0.6030, which will mean further growth to 0.6125. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel with the price securing below 0.5905.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.