USDJPY quotes have broken the 200-day Moving Average on H4 and are currently above it, which indicates a possible development of an uptrend. However, a divergence has formed on the RSI, signaling about a price decline. As a result, in this situation, a downward breakout of the 5/8 (146.09) might lead to a price decline to the support at 4/8 (143.75). The scenario could be cancelled by rising above the resistance level of 6/8 (146.87). In this case, the pair might continue growing, and the quotes might reach 7/8 (148.43).
On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price decline.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. A divergence has formed on the RSI. In this situation, a test of the 2/8 (1.3305) level is expected, followed by a breakout of this level and a decline to the support at 1/8 (1.3244). The scenario could be cancelled by rising above 4/8 (1.3427), which could lead to a trend reversal and make the pair rise to the resistance at 5/8 (1.3488).
On M15, 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.