USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD has formed Inverted Hammer reversal pattern near the rising channel’s downside border. Right now, the pair is trying to reverse. At the moment, it may be assumed that the price may complete a slight correction and resume growing towards 1.3280. However, we shouldn’t ignore a possibility that the instrument may break the support level and continue its decline to reach 1.3121.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has broken the descending channel. By now, the pair has completed Shooting Star pattern close to the horizontal resistance level. Judging by the previous movements, we may assume that after a slight correction, the price may trade towards 0.6896 to start a new ascending channel. However, we shouldn’t ignore a possibility that the instrument may go back to 0.6780.
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.