USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is trading inside the triangle. After breaking the resistance level, the price formed Shooting Star pattern. Right now, we can see a pullback that is heading towards 1.3490. Later, the market may rebound from this level and resume trading upwards. In this case, the instrument may complete the triangle. If the pair breaks 1.3490, the instrument may fall to reach 1.3415.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the descending tendency continues. After testing the resistance level, AUDUSD formed Hanging Man and then several more reversal patterns, which may be considered as a strong signal for a reverse. Right now, the pair is moving sideways close to the channel’s upside border; this movement may be considered as a consolidation before rebounding from the resistance level and starting a new decline towards 0.6864. However, we shouldn’t ignore a possibility that the instrument may break this level and resume its growth 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.