Ichimoku cloud analysis: XAU/USD, GBP/USD, USD/CAD
|XAU/USD, “Gold vs US Dollar”
Gold is rebounding from the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 2027 is expected, followed by a rise to 2065. 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 2000, which will mean a further decline to 1970.
GBP/USD, “Great Britain Pound vs US Dollar”
GBP/USD has found a foothold under the lower boundary of the Triangle pattern. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.2675 is expected, followed by a decline to 1.2585. An additional signal confirming the decline could be a rebound from the lower boundary of the Triangle pattern. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price finding a foothold above 1.2695, which will mean further growth to 1.2785.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD is rising within a Head and Shoulders reversal pattern. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.3515 is expected, followed by a rise to 1.3645. An additional signal confirming the rise might be a rebound from the upper boundary of the Head and Shoulders reversal pattern. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 1.3465, which will mean a further decline to 1.3375.
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