USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming several reversal patterns, such as Inverted Hammer, close to the support level, USDCAD is reversing in the form of another ascending impulse. In this case, the upside target may be at 1.2700. However, an alternative scenario implies that the asset may fall to break the support level at 1.2575 and continue the descending tendency without any pullbacks towards the resistance area.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed an Engulfing reversal pattern near the resistance area. At the moment, the asset may reverse and start a new descending impulse. In this case, the downside correctional target may be the support level at 0.7110. After testing the level, the price may rebound from it and resume the ascending tendency. At the same time, an opposite scenario implies that the price may grow to reach 0.7260 and continue the uptrend without any corrections.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after testing the resistance area, the pair has formed several reversal patterns, including Doji. At the moment, USDCHF may reverse in the form of a new descending impulse. In this case, the downside target may be at 0.9530. After testing the support level, the price may break it and continue trading downwards. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 0.9690 before resuming the descending tendency.
Source: Roboforex
