USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is still trading close to the resistance level and forming reversal patterns, such as Shooting Star, Doji, and Hanging Man. Right now, the pair is trying to reverse. Later, the price may continue falling and reach 1.3050. However, we shouldn’t ignore an alternative scenario, according to which the instrument may break the resistance level and continue growing towards 1.3223.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed another reversal pattern, Harami, close to the rising channel’s upside border. At the moment, the pair is reversing. Judging by the previous movements, we may assume that after completing the correction the price may reverse and then fall towards 0.6820. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may resume growing towards 0.6945.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.