USDJPY quotes are above the 200-day Moving Average, revealing the prevalence of an uptrend. However, the RSI has reached the overbought area. In the end, a test of 7/8 (148.43) is expected, followed by a rebound from this level and a decline to the support at 5/8 (146.09). The scenario could be cancelled by rising above the resistance at 7/8 (148.43), in which case the pair could reach the 8/8 (150.00) level.
On M15, after a rebound from 7/8 (148.43) on H4, the decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has broken the 200-day Moving Average on H4 and rests above it, indicating the probability of an uptrend. However, the RSI has practically reached the overbought area. In this situation, a test of 6/8 (1.3549) is expected, followed by a rebound from this level and a decline to the support at 4/8 (1.3427). The scenario could be cancelled by rising above 6/8 (1.3549), in which case the pair could reach the resistance at 7/8 (1.3610).
On M15, after a rebound from 6/8 (1.3549), the price 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.