Ichimoku Cloud Analysis 28.02.2024 (XAUUSD, GBPUSD, USDCAD)

XAUUSD, “Gold vs US Dollar”

Gold is rebounding from the signal lines of the indicator. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Kijun-Sen line at 2027 is expected, followed by a rise to 2065. 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 2000, which will mean a further decline to 1970.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has found a foothold under the lower boundary of the Triangle pattern. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Cloud at 1.2675 is expected, followed by a decline to 1.2585. An additional signal confirming the decline could be a rebound from the lower boundary of the Triangle pattern. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price finding a foothold above 1.2695, which will mean further growth to 1.2785.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is rising within a Head and Shoulders reversal pattern. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.3515 is expected, followed by a rise to 1.3645. An additional signal confirming the rise might be a rebound from the upper boundary of the Head and Shoulders reversal pattern. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 1.3465, which will mean a further decline to 1.3375.