USD/JPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is trading within the “overbought area”. In this case, the price is expected to test +1/8, rebound from it, and then resume falling to reach the support at 8/8. However, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may continue moving towards +2/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.
USD/CAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD is also moving inside the “overbought area”; it has already rebounded from the resistance at +1/8. In this case, the price may break 8/8 and then continue falling towards the support at 7/8. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at +1/8 to the upside. After that, the instrument may reverse and move upwards to reach +2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
Before you enter foreign exchange and stock markets, you have to remember that trading currencies and other investment products is trading in nature and always involves a considerable risk. As a result of various financial fluctuations, you may not only significantly increase your capital, but also lose it completely. Therefore, our clients have to assure RoboForex that they understand all the possible consequences of such risks, they know all the specifics, rules and regulations governing the use of investment products, including corporate events, resulting in the change of underlying assets. Client understands that there are special risks and features that affect prices, exchange rates and investment products.
Recommended Content
Editors’ Picks
LIVE: Fed raises policy rate by 50 bps, focus shifts to Powell Premium
The Fed hiked its policy rate by 50 basis points in May as expected and announced that the pace of balance sheet reduction will increase to $95 billion per month in three months from June. The dollar is facing renewed bearish pressure as investors await Chairman Jerome Powell's presser.
EUR/USD rebounds above 1.0550 on Fed's policy decisions
EUR/USD has recovered above 1.0550 as the initial reaction to the Fed's policy decisions triggered a dollar selloff. As expected, the FOMC hiked the policy rate by 50 basis points and noted that further rate hikes will be necessary. Eyes on Chairman Jerome Powell's presser.
Gold waiting for Powell’s answers
Gold trades uneventfully around $1,860, directionless ahead of the Fed's decision on monetary policy. Markets are on pause ahead of the event, anticipating an aggressive movement but also waiting for clues on what’s coming up next.
Cryptocurrencies: Official start to recovery rally
Bitcoin price has kick-started its attempt to move higher, picking up Ethereum and Ripple along with it. Investors can expect BTC to revisit Monday’s high and reevaluate directional bias from there.
Can UBER stock earnings give LYFT a ride higher?
Uber gets the chance to lift up LYFT stock after its disappointing earnings and guidance after the close on Tuesday. Ok, so an easy pun but Lyft earnings proved quite the shocker with a huge spike lower in the after-hours market.