USDJPY quotes are below the 200-day Moving Average on H4, revealing the probability of a downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of 3/8 (142.18) is expected, followed by a price decline to the support at 2/8 (140.62). The scenario could be cancelled by rising above 4/8 (143.75), in which case the quotes could rise to the resistance at 5/8 (146.09).
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. However, the RSI is in the oversold area. In the end, a rebound from 4/8 (1.3183) is expected, followed by a price rise to the resistance at 5/8 (1.3305). The scenario could be cancelled by a downward breakout of 4/8 (1.3183). In this case, the quotes might continue going down and reach the support at 3/8 (1.3061).
On M15, the price growth could be additionally supported by a breakout of the upper 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.