EUR/USD, “Euro vs US Dollar”
EUR/USD is correcting after an attempt to break the support level. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Kijun-Sen line at 1.0535 is expected, followed by a decline to 1.0345. 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 1.0635, which will mean further growth to 1.0725. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the bullish channel with the price securing under 1.0475.
USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY is pushing off the lower boundary of the Cloud. The instrument is going inside the Ichimoku Cloud, which suggests a flat. A new test of the lower boundary of the Cloud at 148.60 is expected, followed by a rise to 150.55. A signal confirming the growth will 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 securing under 148.15, which will mean a further decline to 147.20. Meanwhile, the growth could be confirmed by a breakout of the upper boundary of the bullish channel with the price securing above 149.45.
XAU/USD, “Gold vs US Dollar”
Gold is squeezed within a forming Pennant pattern. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A new test of the Tenkan-Sen line at 1830 is expected, followed by a decline to 1775. 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 1885, which will mean further growth to 1915. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the Pennant pattern with the price securing under 1805. The target for the pattern is 1765.
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