USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair continues forming another descending wave. By now, it has completed Hammer reversal pattern. The current situation implies that after reversing USDCAD may form a slight correction and then continue falling towards 1.3132. However, we shouldn’t ignore an alternative scenario, according to which the instrument may grow to return to 1.3235.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues forming the ascending tendency. After forming Hanging Man reversal pattern close to the channel’s upside border, AUDUSD is starting to reverse. In this case, the downside target may be at 0.6805. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may update its highs and test 0.6945.
