USDJPY, “US Dollar vs Japanese Yen”
On H4, the quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. The RSI has reached the oversold area. In this situation, a rebound from 6/8 (134.37) is expected, followed by growth to the resistance at 7/8 (135.93). The scenario can be cancelled by a downward breakout of the support at 6/8 (134.37), which could lead to a trend reversal and fall to the level of 4/8 (131.25).
On M15, the upper line of the VoltyChannel indicator is too far away from the current price, which means growth can only be triggered by a rebound from 6/8 (134.37) on H4.
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
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. The RSI is testing the support line. In these circumstances, a test of 7/8 (1.3549) is expected, followed by a rebound from it and growth to the resistance at +1/8 (1.3793). The scenario can be cancelled by a downward breakout of 7/8 (1.3549), which could lead to a trend reversal and a decline to the support at 6/8 (1.3427).
On M15, after the test of 7/8 (1.3549), further growth of the pair will most probably be confirmed by a breakout of the upper border of VoltyChannel.
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.
- Stock indices have hit all-time highs. The Australian labor market is starting to cool down May 16, 2024
- Target Thursdays: USDInd, Soybean & EU50 hit targets! May 16, 2024
- JPY has sharply strengthened May 16, 2024
- PBoC kept the interest rate unchanged. The US stock indices rise despite rising manufacturing inflation May 15, 2024
- Meme-stock mania: Will GameStop, AMC stocks surge even higher? May 15, 2024
- Euro climbs to five-week high ahead of US CPI data May 15, 2024
- 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
