Ichimoku Cloud Analysis 07.03.2024 (EURUSD, USDCAD, XAUUSD)

EURUSD, “Euro vs US Dollar”

EURUSD is rising within a bullish channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.0880 is expected, followed by a rise to 1.0985. 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 1.0805, which will mean a further decline to 1.0705.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is rebounding from the lower boundary of the bullish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.3525 is expected, followed by a decline to 1.3385. An additional signal confirming the decline could 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 1.3585, which will mean further growth to 1.3675. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel with the price finding a foothold under 1.3670.

XAUUSD, “Gold vs US Dollar”

Gold is correcting after a rebound from the upper boundary of the bullish channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 2140 is expected, followed by a rise to 2205. 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 2030, which will mean a further decline to 1990.