USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after rebounding from 6/8, USDJPY is trading above it. In this case, the price is expected to test 7/8, break it, and then continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may reverse and fall towards the support at 4/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
USDCAD, “US Dollar vs Canadian Dollar”
In the H4 chart, USDCAD is trading above the 200-day Moving Average to indicate a possible ascending tendency. In this case, the price is expected to test 5/8, break it, and continue growing towards the resistance at 6/8. Still, this scenario may no longer be valid if the price breaks the support at 4/8 to the downside. After that, the instrument may reverse and move downwards to reach 2/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, continue growing.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.