USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after testing the channel’s upside border and forming Hanging Man pattern, USDCAD has reversed and reached the support level. Right now, the pair is testing the level and forming Hammer and Engulfing reversal patterns. At the moment, it may be assumed that the price may rebound from the level and go back to 1.3333. However, we shouldn’t ignore a possibility that the instrument may move sideways without reversing and then continue its decline to reach 1.3184.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair is forming the descending channel. Right now, AUDUSD is testing the resistance level and forming several reversal patterns, including Doji. Judging by the previous movements, we may assume that the price is going to rebound from this level. The downside target is at 0.6700. However, we shouldn’t ignore a possibility that the instrument may break the resistance level and continue growing to reach 0.6868.
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.