Japanese Candlestick Analysis: USD/CAD, AUD/USD, USD/CHF

USD/CAD

As we can see in the H4 chart, USD/CAD is still testing resistance. By now, the price has formed several reversal patterns, including “Long-Legged Doji”. However, considering the current downtrend, one may assume that the pair may reverse and resume falling. In this case, the downside target is at 1.3510. Still, an opposite scenario suggests that the instrument may continue rising to reach 1.3773.

USDCAD

AUD/USD

As we can see in the H4 chart, AUD/USD is still correcting within the uptrend. It has formed several; reversal patterns, including a “Hammer”, not far from channel’s downside border. The target of the reversal pattern is the closest resistance level. Later, the price may resume a rising tendency. In this case, the mid-term upside target remains at 0.7070. At the same time, one shouldn’t exclude another scenario, which implies that the instrument may continue falling towards 0.6790.

AUDUSD

USD/CHF

As we can see in the H4 chart, after forming a “Hammer” pattern and reversing, USD/CHF has rebounded from the support level. At the moment, the pair continues forming the rising impulse. In this case, the upside target is at 0.9578. Later, the market may rebound from the resistance level and resume trading downwards. In this case, the downside target may be the support level at 0.9380.

USDCHF

Disclaimer: 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.

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