Article By RoboForex.com
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming an Engulfing reversal pattern not far from the resistance level, USDCAD is reversing and falling towards the support level. In this case, the downside target is at 1.2610. After that, the asset may continue forming the descending impulse. However, an alternative scenario implies a further pullback towards 1.2755 before the asset resumes the descending tendency.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the uptrend continues. Right now, after forming several reversal patterns, such as Engulfing, not far from the support area, the pair may reverse and resume growing to reach the resistance level at 0.7830. At the same time, an opposite scenario says that the price may correct towards 0.7755 before resuming its growth.
Free Reports:
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.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the downtrend continues. At the moment, after forming an Engulfing reversal pattern not far from the resistance area, USDCHF is reversing. The downside target is the support level at 0.8850. Still, there might be an alternative scenario, according to which the asset may return to 0.8960 before testing 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.
- Australia will release its annual budget today. Rising inflation expectations hurt US stock indices May 14, 2024
- JPY declines again May 14, 2024
- 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