USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair has broken the rising channel’s downside border; right now, it is moving close to the support level, where it earlier formed Hammer reversal pattern. The current situation implies that USDCAD may reverse to continue growing towards 1.3266. However, we shouldn’t ignore an alternative scenario, according to which the instrument may continue falling to reach 1.3113.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues forming the ascending tendency. After forming several reversal patterns, such as Hammer, close to the support level and reversing, AUDUSD is moving in the middle of the rising channel. By now, it has completed Engulfing reversal pattern along with the correction and may later continue trading upwards. In this case, the upside target may be at 0.6888. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may resume falling to return to 0.6760 and update its closest lows.
