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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.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Source: http://www.roboforex.com
