USDJPY quotes are in the overbought area on H4. The RSI has broken the support line. In this situation, a downward rebound from 1/8 (147.81) is expected, followed by a decline to the support at 8/8 (146.87). The scenario can be cancelled by rising above the resistance at 2/8 (148.43), which will reshuffle Murrey lines, after which new price targets will be set.
On M15, a breakout of the lower boundary of the VoltyChannel will increase the probability of a price decline.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are under the 200-day Moving Average on H4, indicating the probability of a downtrend development. The RSI is approaching the resistance line. In this situation, a test of 5/8 (1.3488) is expected, followed by a rebound from this level and a decline to the support at 3/8 (1.3366). The scenario can be cancelled by rising above the resistance level at 5/8 (1.3488). In this case, the pair could rise to 6/8 (1.3549).
On M15, after a rebound from the 5/8 (1.3488) on H4, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
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.