Article By RoboForex.com
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is testing the support level once again. By now, the price has formed several reversal patterns, such as Doji. Considering the current downtrend, one may assume that the asset may finish the correction and then continue falling. In this case, the downside target is at 1.3434. Still, an opposite scenario suggests that the instrument may continue growing to return to the resistance area at 1.3685.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the uptrend continues. By now, AUDUSD has formed an Engulfing pattern not far from the resistance area; at the moment, the pair is reversing. The downside target is the closest support level at 0.6970. Later, the price may rebound from the channel’s downside border and continue the rising tendency. In this case, the upside target remains at 0.7070. At the same time, one shouldn’t exclude another scenario, which implies that the instrument may continue falling and return to 0.6900.
USDCHF, “US Dollar vs Swiss Franc”
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As we can see in the H4 chart, after testing the support area and forming a Hammer pattern, USDCHF is reversing. The correctional target is the channel’s upside border. After completing the pullback, the pair may resume trading downwards to reach the next target at 0.9360. Later, the market may update its highs and continue falling.
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.