Article By RoboForex.com
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming a Harami reversal pattern close to the support level, USDCAD may reverse in the form of another ascending impulse. In this case, the upside target may be the resistance area at 1.3240. Later, the market may break this level and continue to grow. However, an alternative scenario implies that the asset may correct to reach 1.3070 and continue the uptrend only after the pullback.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed a Harami reversal pattern during the pullback. At the moment, the asset is reversing in the form a new descending impulse. In this case, the downside target may be the support level at 0.6655. After testing the level, the price may break it and continue the descending tendency. At the same time, the opposite scenario implies that the price may grow to reach 0.6790 and continue the uptrend after the correction.
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, after testing the support area, the pair has formed several reversal patterns, for example, Hammer. At the moment, USDCHF may reverse in the form of a new rising impulse. In this case, the upside target may be at 0.9920. After testing the resistance level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9790 first and then resume the ascending 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 Metals Charts: Speculator bets led by Gold & Steel May 4, 2024
- COT Bonds Charts: Speculator bets led lower by SOFR 3M & 10-Year Bonds May 4, 2024
- COT Soft Commodities Charts: Speculator bets led by Wheat, Soybean Meal & Corn May 4, 2024
- COT Stock Market Charts: Speculator bets led lower by S&P500 & MSCI EAFE May 4, 2024
- The British index has updated the historical maximum. Oil lost 5% over the week May 3, 2024
- US Fed tilts towards a rate cut despite the postponement. HKMA left the rate unchanged at 5.75% May 2, 2024
- Brent crude oil hits seven-week low May 2, 2024
- Target Thursdays: USDJPY, Copper & EURCAD May 2, 2024
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024
