Ichimoku Cloud Analysis 06.03.2023 (EURUSD, XAUUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

The currency pair is correcting in a descending channel. The instrument is going above the Ichimoku Cloud, which indicates prevalence of an uptrend. A test of the upper border of the Cloud is expected at 1.0610, followed by growth to 1.0795. An additional signal confirming the growth will be a rebound from the lower border of the bullish channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 1.0545, which will mean further falling to 1.0455. On the other hand, the growth can be confirmed by a breakaway of the upper border of the descending channel and securing above 1.0675.

XAUUSD, “Gold vs US Dollar”

Gold is growing by a bullish impulse. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line is expected at 1840, followed by growth to 1885. An additional signal confirming the growth could be a rebound from the lower border of the bullish channel. The growth could be cancelled by a breakaway of the lower border of the Cloud and securing under 1810, which will entail further falling to 1775.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair is correcting after a rebound from the resistance level. The instrument is going above the Ichimoku Cloud, which indicates prevalence of an uptrend. A test of the lower border of the Cloud is expected at 135.05, followed by growth to 138.85. An additional signal confirming the growth could be a rebound from the lower border of the bullish channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 134.45, which will entail further falling to 133.55.