USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is still testing the support level and forming Harami pattern while trading downwards. Possibly, after completing this reversal pattern, the price may rebound from the support level and start a new growth with the target at 1.3190. However, we shouldn’t ignore a possibility that the instrument may move sideways without reversing, break the support level, and continue its decline to reach 1.3000.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after testing another support level and forming Hammer reversal pattern, AUDUSD has rebounded towards the channel’s upside border. The current situation implies that the instrument may test the border, rebound from it, and resume falling towards 0.6910. However, we shouldn’t ignore a possibility that the instrument may break the resistance level and continue growing to reach 0.7035.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.