USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming a Hanging Man 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 1.2795. However, an alternative scenario implies that the asset may grow to break the resistance level at 1.2900 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 Hammer, near the support area. At the moment, the asset is reversing and starting a new correctional impulse. In this case, the upside correctional target may be the resistance level at 0.7155. After testing the level, the price may rebound from it and resume the descending tendency. At the same time, an opposite scenario implies that the price may fall to reach 0.7045 and continue the downtrend 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 a Shooting Star reversal pattern. At the moment, USDCHF may reverse in the form of a new correctional impulse. In this case, the downside correctional target may be at 0.9660. 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 0.9770 without any pullbacks.
Source: Roboforex
