USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the descending tendency continues. By now, the pair has finished several reversal patterns, including Engulfing, near the channel’s upside border. The current situation implies that USDCAD may fall to reach 1.2960 and continue forming the descending channel. However, we shouldn’t ignore an alternative scenario, according to which the instrument may grow to return to 1.3110.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair has corrected withing the ascending tendency: it has formed several reversal patterns, including Inverted Hammer, close to the channel’s downside border. Right now, AUDUSD is starting to reverse; the upside target may be at 0.6947. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may continue falling towards 0.6845.
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.