USDJPY quotes are below the 200-day Moving Average on H4, which indicates the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of the 5/8 (146.09) level is expected, followed by a decline to the support at 3/8 (142.18). The scenario could be cancelled by rising above the 6/8 (146.87) mark, in which case the quotes might rise to the resistance at 7/8 (148.43).
On M15, yet another breakout of the lower boundary of the VoltyChannel could increase the probably of a price decline.
USDCAD, "US Dollar vs Canadian Dollar"
USDCAD quotes are below the 200-day Moving Average on H4, which reveals the prevalence of a downtrend. The RSI is testing the resistance line. In this situation, a test of 2/8 (1.3549) is expected, followed by a breakout of this level and a decline to the support at 1/8 (1.3488). The scenario could be cancelled by rising above 3/8 (1.3610), which could lead to a trend reversal and make the pair rise to the resistance at 4/8 (1.3671).
On M15, the price decline might be additionally supported by a breakout of the lower VoltyChannel boundary.
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.