USD CAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair formed the horizontal channel with Hammer, Hanging Man, Engulfing, and Shooting Star reversal patterns at support and resistance levels to define its borders. After that, the price broke the channel and moved to the upside to reach 1.2650 despite Stick Sandwich and Shooting Star patterns formed below the resistance level. By now, the instrument has completed another correction with Shooting Star and Hanging Man patterns and may continue growing.
XAU USD, “Gold vs US Dollar”
At the H4 chart, the instrument formed the ascending channel with Engulfing and Shooting Star patterns to define its borders. Later, the price tested the resistance level at 1305.00 and started falling. After that, the pair is forming a new descending channel with Shooting Star, Engulfing, Doji, and Long-Legged Doji reversal patterns to define it borders. The instrument has already broken the support level and formed Hammer pattern. Before continuing falling, the pair may be slightly corrected towards the broken support level. The downside target is still at 1268.43.
RoboForex Analytical Department