Article By RoboForex.com
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after completing the correction close to the resistance level and forming several reversal patterns there, including Long-Legged Doji, USDCAD may reverse and start a new decline towards 1.2215. After testing this level, the price may resume its descending tendency. However, an alternative scenario implies that the asset may grow to reach the resistance level at 1.2380 before resuming its decline.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, during the pullback, AUDUSD has formed several reversal patterns not far from the support level, such as Hammer. At the moment, the asset may reverse and resume trading upwards. In this case, the upside target may be the resistance area at 0.7825. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7695, test it, and then resume its ascending tendency.
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.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the asset is still moving sideways within the downtrend. At the moment, after forming several reversal patterns, such as Inverted Hammer, not far from the support area, USDCHF may reverse and form a new pullback. In this case, the correctional target may be the resistance level at 0.9175. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.9025 without reversing and correcting.
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.
- 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
- 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