On H4, USDJPY quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the price is expected to keep growing to the nearest resistance at 7/8 (135.93). This scenario can be cancelled by a downward breakout of the support at 6/8 (134.37), which could lead to a trend reversal and a decline to 4/8 (131.25).
On M15, further growth of the pair could be supported by a breakout of the upper border of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the quotes are below the 200-day Moving Average, indicating the prevalence of a downtrend. The RSI is testing the resistance line. Currently, a breakout of the support at 6/8 (1.3427) is expected, followed by a breakout and a decline to 5/8 (1.3305). The scenario can be cancelled by a rise above the resistance at 7/8 (1.3549), which might end up in a trend reversal and growth of the pair to 8/8 (1.3671).
On M15, a further decline of the pair could be supported by a breakout of the lower border of the VoltyChannel. 4
Attention!
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.