On H4, the quotes are in the overbought area. The RSI has formed a divergence on its chart. In this situation, a downward breakout of 1/8 (138.28) is expected, followed by a decline to the support level of 7/8 (132.71). The scenario can be cancelled by breaking the resistance level of 2/8 (139.06), which will reshuffle the Murrey lines, so that new price targets could be set.
On M15, an additional signal for further price decline might become a breakout of the lower border of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
On H4, USDCAD quotes are on the 200-day Moving Average, which means a lack of any trend. The RSI has broken the support line. As a result, a downward breakout of 5/8 (1.3488) is expected, followed by a decline to the support at 4/8 (1.3427). The scenario can be cancelled by rising above the resistance at 6/8 (1.3549). In this case, the pair could rise to 7/8 (1.3610).
On M15, a breakout of the lower border of the VoltyChannel will increase the probability of price decline on H4.
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.