Ichimoku Cloud Analysis 20.02.2024 (EURUSD, NZDUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

EURUSD is rebounding from the upper boundary of the descending channel. The instrument is going inside the Ichimoku Cloud, indicating the prevalence of a sideways trend. A test of the upper boundary of the Cloud at 1.0780 is expected, followed by a decline to 1.0645. 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 1.0830, which will mean further growth to 1.0920. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel with the price finding a foothold under 1.0725.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is declining after a rebound from the resistance. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 0.6120 is expected, followed by a rise to 0.6215. An additional signal confirming the rise might be a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 0.6070, which will mean a further decline to 0.5980. Meanwhile, the growth could be confirmed by a breakout of the resistance level with the price finding a foothold above 0.6175.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is correcting within a Triangle pattern. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 150.15 is expected, followed by a rise to 152.55. An additional signal confirming the rise might be a rebound from the lower boundary of the Triangle pattern. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 148.25, which will mean a further decline to 147.35. Meanwhile, the growth could be confirmed by a breakout of the upper boundary of the Triangle with the price finding a foothold above 151.35.