Article By RoboForex.com
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after breaking the channel’s downside border, USDCAD has formed Hammer reversal pattern. Right now, the pair is trying to reverse. At the moment, it may be assumed that the price may rebound from the level and go back to 1.3322. However, we shouldn’t ignore a possibility that the instrument may rebound from the support line and continue its decline to reach 1.3210.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair has broken the descending channel; it is trading sideways and may start a new rising tendency, By now, AUDUSD has completed Hammer pattern close to the support level and is trying to reverse. Judging by the previous movements, we may assume that after a slight correction the price trade towards 0.6868 to start forming a new ascending channel. However, we shouldn’t ignore a possibility that the instrument may continue falling to reach 0.6700.
Article By RoboForex.com
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
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.
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.
