USDJPY quotes and the RSI have reached the oversold areas on H4. In this situation, the quotes are expected to rebound from the 0/8 (146.87) level and rise to the resistance at 2/8 (148.43). The scenario can be cancelled if they break the 0/8 (146.87) level downwards. In this case, the pair could maintain its downward trajectory, with the quotes possibly falling to the support at -1/8 (146.09).
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 0/8 (146.87) level on H4.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. However, the RSI is in the oversold area. As a result, in this situation, the price is expected to rebound from 2/8 (1.3549) and rise to the resistance at 4/8 (1.3671). This movement is considered a correction as part of a downtrend. The scenario can be cancelled by a downward breakout of 1/8 (1.3488). In this case, the pair might drop to the support at 0/8 (1.3427).
On M15, the price rise could be additionally supported by a breakout of the upper 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.