USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD has tested the support level and formed several Doji reversal patterns. More than one pattern indicate a stronger signal for a reverse. In this case, the pair may reverse and resume growing to reach 1.3430. However, we shouldn’t ignore a possibility that the instrument may test the support level at 1.3240 again, break it, and then continue its decline.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair is still forming an ascending channel. After rebounding from its upside border and forming Shooting Star pattern there, AUDUSD has tested the downside border as well. Judging by the previous movements, at the moment it may be assumed that the instrument may break the support level and continue falling towards 0.6918. However, we shouldn’t ignore a possibility that the instrument may rebound from 0.6943 and resume its growth to reach 0.7028.
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.