USDCAD, “US Dollar vs Canadian Dollar”
USDCAD is trading at 1.2800; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.2715 and then resume moving upwards to reach 1.2960. Another signal in favour of a further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2645. In this case, the pair may continue falling towards 1.2555. To confirm further growth, the asset must break the resistance level and fix above 1.2855. This movement will indicate a breakout of the descending channel’s upside border.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is trading at 0.6748; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6775 and then resume moving downwards to reach 0.6625. Another signal in favour of a further downtrend will be a rebound from the upside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.6835. In this case, the pair may continue growing towards 0.6925. To confirm further decline, the asset must break the support level and fix below 0.6705. This movement will indicate a breakout of the pattern’s downside border.
BRENT
Brent is trading at 74.55; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 73.15 and then resume moving upwards to reach 84.35. 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 70.45. In this case, the pair may continue falling towards 67.55. To confirm further growth, the asset must break the resistance level and fix above 77.75.
