Article By RoboForex.com
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming a Hanging Man reversal pattern close to the resistance level, USDCAD may reverse in the form of a new descending impulse. In this case, the downside correctional target may be at 1.3225. Later, the market may rebound from this level and resume growing. However, an alternative scenario implies that the asset may grow to reach 1.3370 and continue the uptrend without testing the support area.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed a Hammer reversal pattern near the support area. At the moment, the asset is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance level at 0.6740. After testing the level, the price may rebound from it and resume the descending tendency. At the same time, the opposite scenario implies that the price may fall to reach 0.6640 and continue the downtrend without any pullbacks up to resistance level.
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USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the pair has formed a Hammer reversal pattern not far from the support area. At the moment, USDCHF may reverse in the form of a new ascending wave. In this case, the upside target may be the resistance level at 0.9750. After testing this level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, in which the asset may correct to reach the support area at 0.9620 and continue the ascending tendency only after the pullback.
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.
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