USDJPY quotes are in the overbought area on D1. The RSI is approaching the overbought area. In this situation, the price is expected to rebound from the 1/8 (151.56) level and decline to the support at 7/8 (148.43). The scenario could be cancelled by rising above the 1/8 (151.56) level. In this case, the pair might maintain its upward trajectory, reaching the resistance at 2/8 (153.12).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes are approaching the overbought area on D1, while the RSI is approaching the resistance level. In this situation, the quotes are expected to test the 8/8 (1.3671) level, rebound from it, and drop to the support at 6/8 (1.3427). The scenario could be cancelled by surpassing the 8/8 (1.3671) level. In this case, the pair might rise to the resistance at 1/8 (1.3793).
On M15, after a rebound from 8/8 (1.3671) on D1, the 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.