USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming a Shooting Star reversal pattern close to the resistance level, USDCAD is reversing in the form of a new correctional impulse. In this case, the downside correctional target may be at 1.2690. However, an alternative scenario implies that the asset may grow to break the resistance level at 1.2790 and then continue the uptrend without any pullbacks.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Shooting Star, near the resistance area. At the moment, the asset is reversing and starting a new descending impulse. In this case, the downside target may be the support level at 0.7110. After testing the level, the price may break it and continue the descending tendency. At the same time, an opposite scenario implies that the price may correct to reach 0.7230 before resuming the downtrend.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after testing the resistance area, the pair has formed a Harami reversal pattern. At the moment, USDCHF may reverse in the form of a new descending impulse. In this case, the downside target may be at 0.9550. After testing the support level, the price may rebound from it and resume trading upwards. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.9635 without any pullbacks.
Source: Roboforex
