USDJPY quotes are above the 200-day Moving Average on H4, indicating a prevailing uptrend. The RSI has reached the oversold area. As a result, in this situation, the quotes are expected to surpass 5/8 (150.78) and continue rising to the resistance at 6/8 (151.56). The scenario can be cancelled by a downward breakout of the 4/8 (150.00) level. In this case, the pair could drop to 3/8 (149.21).
On M15, a breakout of the upper boundary of the VoltyChannel could serve as an additional signal confirming the price rise.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes have broken the 200-day Moving Average on H4, which suggests a potential downtrend. However, the RSI has reached the oversold area. In this situation, the price is expected to test the 4/8 (1.3671) level, rebound from it, and rise to the resistance at 5/8 (1.3793). The scenario can be cancelled by a downward breakout of the 4/8 (1.3671) level. In this case, the pair will continue to decline, with the quotes potentially dropping to 3/8 (1.3610).
On M15, the upper boundary of the VoltyChannel is too far away from the current price, so the price rise could be supported by a rebound from the 4/8 (1.3671) level on H4.
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.