Ichimoku Cloud Analysis 09.03.2021 (GBPNZD, EURAUD, EURJPY)

GBPNZD, “Great Britain Pound vs New Zealand Dollar”

GBPNZD is trading at 1.9421; 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 1.9365 and then resume moving upwards to reach 1.9560. Another signal in favor 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 1.9285. In this case, the pair may continue falling towards 1.9195.

EURAUD, “Euro vs Australian Dollar”

EURAUD is trading at 1.5469; 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 1.5495 and then resume moving downwards to reach 1.5305. Another signal in favor of a further downtrend will be a rebound from the resistance area. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.5565. In this case, the pair may continue growing towards 1.5645. To confirm further decline, the asset must break the neckline of a Head & Shoulder reversal pattern and fix below 1.5415.

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 129.46; 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 129.05 and then resume moving upwards to reach 131.55. Another signal in favor 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 128.25. In this case, the pair may continue falling towards 127.35. To confirm further growth, the asset must break the upside border of the Triangle pattern and fix above 130.25.