Ichimoku cloud analysis: GBP/USD, XAU/USD, USD/CAD
|GBP/USD, “Great Britain Pound vs US Dollar”
GBP/USD is rebounding from the lower boundary of the Cloud. The instrument is going inside the Ichimoku Cloud, which suggests sideways dynamics. A test of the Tenkan-Sen line of the Cloud at 1.2645 is expected, followed by a decline to 1.2515. A signal confirming the decline will 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 1.2680, which will mean a further rise to 1.2775. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel with the price finding a foothold under 1.2575.
XAU/USD, “Gold vs US Dollar”
Gold has found a foothold above the resistance level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 2035 is expected, followed by a rise to 2075. An additional signal confirming the rise might 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 finding a foothold under 2005, which will mean a further decline to 1975.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD is testing the Tenkan-Sen line. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.3535 is expected, followed by a rise to 1.3675. An additional signal confirming the rise might 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 finding a foothold under 1.3460, which will mean a further decline to 1.3370.
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