Article By RoboForex.com
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the ascending tendency continues. Right now, after forming a Shooting Star reversal pattern not far from the resistance level, USDCAD may reverse in the form of another correctional wave towards the support area at 1.2720. Later, the asset may resume growing. In this case, the upside target will be at 1.2910. However, an alternative scenario implies a further growth towards 1.2910 without reversing and correcting.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is forming a new descending impulse. Right now, after forming several reversal patterns, such as Hammer, not far from the support area, the pair may reverse and resume growing to reach the resistance area at 0.7740. At the same time, an opposite scenario says that the price may fall to return to 0.7595 without testing the resistance area.
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 correction within the downtrend continues. At the moment, after forming several reversal patterns, such as Shooting Star, not far from the resistance area, USDCHF is correcting. Later, the asset may complete the correction and resume the descending tendency. In this case, the downside target may be the next support area at 0.8845. Still, there might be an alternative scenario, according to which the asset may start a new pullback towards 0.8930 before failing to test the support area.
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.
- Trade of the Week: CHINAH to extend lead as Asia’s winner? May 13, 2024
- The German index has hit an all-time high. China sees rising consumer inflation May 13, 2024
- Brent crude oil faces downward pressure amid demand uncertainties May 13, 2024
- COT Metals Charts: Speculator bets led by Platinum & Copper May 11, 2024
- COT Bonds Charts: Speculator bets led by Fed Funds & Ultra 10-Year Bonds May 11, 2024
- COT Stock Market Charts: Speculator bets led by DowJones & Russell 2000 May 11, 2024
- COT Soft Commodities Charts: Speculator bets led by Corn & Soybeans May 11, 2024
- Natural gas prices are rising amid falling inventories. The Bank of England expectedly kept the rate May 10, 2024
- Strong data on China’s trade balance fuels Asian indices May 9, 2024
- How does the brain think? May 9, 2024