Article By RoboForex.com
EURUSD, “Euro vs US Dollar”
EURUSD is rebounding from Tenkan-Sen at 1.0781; it is testing the downside border of a large Triangle pattern. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.0835 and then resume moving downwards to reach 1.0585. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.0955. In this case, the pair may continue growing towards 1.1045. If the asset fixes below 1.0600, it will break the pattern’s downside border and the next downside target will be at 0.9880.
XAUUSD, “Gold vs US Dollar”
XAUUSD is testing Tenkan-Sen and Kijun-Sen at 1974.00. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1960.00 and then resume moving upwards to reach 2025.00. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1935.00. In this case, the pair may continue falling towards 1880.00. The asset has also completed a Double Bottom reversal pattern. If, after another descending correction, bulls manage to fix quickly above 1965.00 and rebound from the pattern’s upside border, the next upside target will be at 2040.00.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD continues correcting within the bullish channel at 1.2570; bulls have failed to fix above the resistance at 1.2655 and continue pushing the price towards 1.2900. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2530 and then resume moving upwards to reach 1.2695. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2505. In this case, the pair may continue falling towards 1.2415. To confirm a further uptrend, the price must break the upside border of the Triangle pattern and fix above 1.2635. The pattern materialisation target will be at 1.2755.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- Australia will release its annual budget today. Rising inflation expectations hurt US stock indices May 14, 2024
- JPY declines again May 14, 2024
- Trade of the Week: CHINAH to extend lead as Asia’s winner? May 13, 2024
- The German index has hit an all-time high. China sees rising consumer inflation May 13, 2024
- Brent crude oil faces downward pressure amid demand uncertainties May 13, 2024
- COT Metals Charts: Speculator bets led by Platinum & Copper May 11, 2024
- COT Bonds Charts: Speculator bets led by Fed Funds & Ultra 10-Year Bonds May 11, 2024
- COT Stock Market Charts: Speculator bets led by DowJones & Russell 2000 May 11, 2024
- COT Soft Commodities Charts: Speculator bets led by Corn & Soybeans May 11, 2024
- Natural gas prices are rising amid falling inventories. The Bank of England expectedly kept the rate May 10, 2024