USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD has tested the support level while trading downwards and formed Hammer reversal pattern. The current situation implies that the reversal pattern and a sideways movement may indicate a possible rebound from the channel’s downside border and a new growth with the target at 1.3400. However, we shouldn’t ignore a possibility that the instrument may break the support level and continue its decline to reach 1.3100.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed Shooting Star reversal pattern while testing the channel’s upside border. The current situation implies that the instrument may rebound to resume falling towards 0.6838. However, we shouldn’t ignore a possibility that the instrument may break the level and continue growing to reach 0.7000.
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.