USDJPY quotes are in the overbought area on H4. The RSI has formed a divergence. As a result, a downward breakout of 8/8 (143.75) is expected, followed by a decline to the support level of 7/8 (142.18). The scenario can be cancelled by rising above the resistance level of 1/8 (145.31). In this case, the pair might go on growing and reach 2/8 (146.87).
On M15, a further decline in the pair could be additionally supported by a breakout of the lower line of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes have broken the 0/8 (1.3183) level on H4, escaping the oversold area. The RSI has broken the resistance line. As a result, a test of 1/8 (1.3244) is expected, followed by a breakout and a rise to the resistance at 2/8 (1.3305). This move is interpreted as a correction of a downtrend. The scenario can be cancelled by a downward breakout of the support at 0/8 (1.3183). In this case, the pair could return to -1/8 (1.3122).
On M15, the upper line of the VoltyChannel is broken. This increases the probability of further price growth.
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.