EURUSD, “Euro vs US Dollar”
EURUSD is rising towards the upper boundary of a Wolfe Wave descending pattern. The pair is going inside the Ichimoku Cloud, which suggests a sideways movement. A test of the Cloud’s upper boundary at 1.0715 is expected, followed by a decline to 1.0580. A rebound from the upper boundary of the descending channel will signal the price decline. The scenario can be cancelled by a breakout of the upper boundary of the Cloud, with the price securing above 1.0765, indicating a further rise to 1.0955. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel, with the price gaining a foothold below 1.0660.
XAUUSD, “Gold vs US Dollar”
Gold has established itself above the Tenkan-Sen line. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the upper boundary of the Cloud at 2345 is expected, followed by a decline to 2265. 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 2355, which will signal a further rise to 2405. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the bullish channel, with the price finding a foothold below 2315.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD is correcting within a Wedge reversal pattern. The pair is going inside the Ichimoku Cloud, which suggests a sideways movement. A test of the Cloud’s upper boundary at 0.5960 is expected, followed by a decline to 0.5825. An additional signal confirming the decline could be a rebound from the upper boundary of the Wedge pattern. The scenario can be cancelled by a breakout of the upper boundary of the Cloud, with the price securing above 0.5990, indicating a further rise to 0.6090. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the Wedge reversal pattern, with the price gaining a foothold below 0.5905.
