Article By RoboForex.com
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the descending tendency continues. Right now, after finishing a Hanging Man pattern, USDCAD is reversing and testing the support level. After a slight correction, the pair is expected to resume moving downwards with the target at 1.3000. However, an alternative scenario implies that the price may return to the resistance area at 1.3265 before resuming the downtrend.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after breaking the descending channel’s upside border, AUDUSD continues moving upwards. Right now, the pair is correcting. After finishing the pullback, the asset may resume growing to reach the resistance area at 0.7245. At the same time, an opposite scenario says that the price may fall to return to 0.7045 before resuming its growth.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the asset continues forming the descending impulse. After forming several reversal patterns, such as Harami, not far from the horizontal support level, USDCHF is expected to reverse and form a slight correction. In this case, the downside target may be the next support area at 0.9030. Still, there might be an alternative scenario, according to which the asset may continue falling and return to the resistance level at 0.9185 before resuming its descending tendency.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- COT Soft Commodities Charts: Large Speculator bets led by Corn & Soybean Oil Nov 16, 2024
- COT Stock Market Charts: Speculator Bets led by MSCI EAFE & VIX Nov 16, 2024
- The Dollar Index strengthened on Powell’s comments. The Bank of Mexico cut the rate to 10.25% Nov 15, 2024
- EURUSD Faces Decline as Fed Signals Firm Stance Nov 15, 2024
- Gold Falls for the Fifth Consecutive Trading Session Nov 14, 2024
- Profit-taking is observed on stock indices. The data on wages in Australia haven’t met expectations Nov 13, 2024
- USD/JPY at a Three-Month Peak: No One Opposes the US Dollar Nov 13, 2024
- Can Chinese Tech earnings offer relief for Chinese stock indexes? Nov 13, 2024
- Bitcoin hits an all-time high above $88,000. Oil remains under pressure Nov 12, 2024
- Brent Crude Stumbles as Market Sentiments Turn Cautious Nov 12, 2024
