USDJPY quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the price is expected to rise above the 7/8 (149.21) level, reaching 8/8 (150.00) later. The scenario can be cancelled by a downward breakout of 6/8 (148.43). In this case, the quotes could drop to the support level of 4/8 (146.87).
On M15, a breakout of the upper boundary of the VoltyChannel could additionally support price growth.
USDCAD, “US Dollar vs Canadian Dollar”
On the USDCAD chart, the situation is similar. On H4, the quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend, and the RSI has broken the resistance line. In these circumstances, a test of 7/8 (1.3610) is expected, followed by a breakout of this level and a rise to the resistance at 8/8 (1.3671). The scenario can be cancelled by a downward breakout of the support at 6/8 (1.3549), which could lead to the trend reversal and a decline of the pair to 5/8 (1.3488).
On M15, a breakout of the upper boundary of the VoltyChannel might increase the probability of a price rise.
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.