Article By RoboForex.com
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is testing the resistance level within the uptrend and has already formed several reversal candlesticks, including Hanging Man pattern. Right now, the pair is still testing the level. Possibly, the price may rebound from the resistance line and go back to 1.3125. However, we shouldn’t ignore a possibility that the instrument may move sideways without reversing, break the channel’s upside border, and continue its growth to reach 1.3270.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair is forming the descending channel. Right now, AUDUSD is testing the support level and forming Hammer and Inverted Hammer reversal patterns. Judging by the previous movements, we may assume that the price is going to rebound from this level. The upside target is at 0.6918. However, we shouldn’t ignore a possibility that the instrument may break the support level and continue falling to reach 0.6787.
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.
