Ichimoku Cloud Analysis 01.03.2024 (GBPUSD, XAUUSD, USDCAD)

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is rebounding from the lower boundary of the Cloud. The instrument is going inside the Ichimoku Cloud, which suggests sideways dynamics. A test of the Tenkan-Sen line at 1.2645 is expected, followed by a decline to 1.2515. A signal confirming the decline will be a rebound from the lower boundary of the bullish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price finding a foothold above 1.2680, which will mean a further rise to 1.2775. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the ascending channel with the price finding a foothold under 1.2575.

XAUUSD, “Gold vs US Dollar”

Gold has found a foothold above the resistance level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 2035 is expected, followed by a rise to 2075. 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 1975.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is testing the Tenkan-Sen line. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.3535 is expected, followed by a rise to 1.3675. 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 1.3460, which will mean a further decline to 1.3370.