USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming several an Engulfing reversal pattern close to the support level, USDCAD is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance area at 1.2770. However, an alternative scenario implies that the asset may correct to reach 1.2670 before resuming its ascending tendency.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed a Hammer reversal pattern near the channel’s downside border. At the moment, the asset may reverse in the form of another correctional impulse. In this case, the upside correctional target may be the resistance area at 0.7215. At the same time, an opposite scenario implies that the price may continue falling to reach 0.7080 without testing the resistance area.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after testing the resistance area, the pair has formed several reversal patterns, for example, Shooting Star. At the moment, USDCHF is reversing in the form of a new correctional wave towards the support level. In this case, the downside target may be at 0.9300. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 0.9385 without testing the support level.
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.