Ichimoku Cloud Analysis 05.02.2024 (EURUSD, USDJPY, XAUUSD)

EURUSD, “Euro vs US Dollar”

EURUSD is rebounding from the lower boundary of the descending channel. The instrument is going below the Ichimoku Cloud, which suggests a bearish trend. A test of the lower boundary of the Cloud at 1.0825 is expected, followed by a decline to 1.0625. An additional signal confirming the decline might 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 finding a foothold above 1.0920, which will mean further growth to 1.1015.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has found a foothold above the upper boundary of the descending correction channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 147.65 is expected, followed by a rise to 152.45. An additional signal confirming the rise might be a rebound from the upper boundary of the descending channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 146.25, which will mean a further decline to 145.35.

XAUUSD, “Gold vs US Dollar”

Gold is testing the support area. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 2025 is expected, followed by a rise to 2080. An additional signal confirming the rise might be a rebound from the lower boundary of the bullish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 2005, which will mean a further decline to 1965.