USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is testing the resistance level within the downtrend and has already formed several reversal candlesticks, including Hanging Man pattern. Right now, the pair is trading sideways. Possibly, the price may rebound from the resistance line and go back to 1.3070. However, we shouldn’t ignore a possibility that the instrument may move sideways without reversing, break the channel’s upside border, and continue its growth to reach 1.3200.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after breaking the downside border of the ascending channel, AUDUSD is testing the support level and forming Hammer and Inverted Hammer reversal patterns. Judging by the previous movements, we may assume that the price is going to rebound from this level and return inside the channel. The upside target is at 0.6969. However, we shouldn’t ignore a possibility that the instrument may break the support level and continue falling to reach 0.6800.
