USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after rebounding from the rising channel’s downside border, USDCAD has formed several reversal candlestick patterns. Right now, the pair is reversing after forming Hammer pattern. At the moment, it may be assumed that the price may complete a slight correction and resume growing towards 1.3333. However, we shouldn’t ignore a possibility that the instrument may return to the channel’s downside border and update the low.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after forming several reversal patterns, including Shooting Star, close to the resistance level, AUDUSD has completed Hanging Man reversal pattern during the pullback. Judging by the previous movements, we may assume that the price may finish the correction and then continue trading downwards to reach 0.6737. However, we shouldn’t ignore a possibility that the instrument may resume growing towards 0.6900.
