(Not a teacher)
It is correct to say:
A typhoon is approaching the island.
A typhoon is closing in on the island.
Concerning "cold currents," I'm not completely sure what you have in mind. Whether currents are local or global, one usually doesn't think of them "closing in" in the manner of a typhoon. Are you referring to large tidal bores which rapidly approach river mouths? Some large scale currents are warm (Gulf Stream) and others cold (California Current) but locally, currents are not usually characterized by temperature. Upwellings of deeper oceanic water, as on the west coast of South America, are cold, but they don't close in.
Is this what you wanted?
Student or Learner