GBP USD, “Great Britain Pound vs US Dollar”
At the H4 chart of USD CAD, the price is constantly forming Engulfing, Shooting Star, and Doji reversal patterns at the top of pullbacks to confirm the downtrend. After breaking the support level, the pair stopped for a while again and formed Inverted Hammer pattern. At the moment, the price is expected to form another correction and then continue falling.
NZD USD, “New Zealand Dollar vs. US Dollar”
As we can see at the H4 chart of NZD USD, the price is constantly forming Engulfing reversal patterns at the correction tops to confirm its decline, and the current pullback is no exception. After forming Engulfing and Shooting Star patterns, the pair plummeted, broke its intermediate targets, and reached the support level at 0.7222, which is being tested right now. Talking into account its previous movements, the instrument is highly likely to rebound from this level before starting a new descending movement.
RoboForex Analytical Department