USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is trading inside the triangle. After testing the support level, the price moved upwards to reach the resistance level at 1.3500 and formed Shooting Star pattern. Right now, it is moving downwards. This descending movement may reach 1.3400 and then the instrument may start a new growth towards 1.3500.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the descending tendency continues. After testing the support level, AUDUSD has formed several Hammer patterns, which may be considered as a strong signal for a reverse. Right now, the pair is breaking the channel’s upside border and we may assume that it is trading towards 0.6969. However, we shouldn’t ignore a possibility that the instrument is just forming another correctional wave before resuming its decline towards 0.6835.
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.