AUDUSD is testing the horizontal resistance level.
USDCAD
On H4 we can see the instrument testing another support level inside the descending channel; the pair has formed several reversal candlesticks including a Hammer. We are looking at the start of the signal for reverse patterns realizing. We may suggest that a bounce off the current level may lead to 1.3190. However, another scenario is not impossible: the signal for reversal may not be realized, and a mall sideways movement may be followed by a breakthrough of the support and a drop to 1.3000.
AUDUSD
On H4 the instrument is testing the resistance line, forming a Shooting star. In relation with the previous movements, we may suppose that the price may bounce off this level again and starts declining, aiming at 0.6916. At the same time a reverse variant should not be excluded: the price might break through the current resistance level and grow towards 0.7066.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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