USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after breaking the descending channel’s upside border, USDCAD continues moving upwards. Right now, the pair is starting to form a new rising channel with Harami pattern close to its upside border. Within the given scenario, the price has formed a slight correction after reversing and in the future may continue growing towards 1.3315. However, we shouldn’t ignore an alternative scenario, according to which the instrument may continue falling towards 1.3201.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after breaking the rising channel’s downside border, AUDUSD has formed Hammer reversal pattern close to the support level. At the moment, the pair is reversing. Judging by the previous movements, we may assume that the price may return to the channel and grow towards 0.6923. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may resume falling to reach 0.6763.
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.