Japanese Candlesticks Analysis USD/CAD, AUD/USD, USD/CHF
Maksim Artemov | Oct 20, 2020 05:23AM ET
As we can see in the H4 chart, the correction within the descending tendency continues. Right now, after testing the resistance area and forming several reversal patterns, such as "Engulfing", USD/CAD is expected to reverse and correct towards 1.3060. However, an alternative scenario implies that the price may return to the resistance area at 1.3245 before resuming the downtrend.
As we can see in the H4 chart, AUD/USD continues moving towards the channel’s downside border. Right now, after completing another correction and forming several reversal patterns, such as "Harami", the pair is expected to reverse and move downwards. In this case, the downside target may be the support area at 0.7000. At the same time, an opposite scenario says that the price may grow to reach 0.7140 before resuming its decline.
As we can see in the H4 chart, after breaking the rising channel’s downside border and forming several reversal patterns, such as "Inverted Hammer", close to the horizontal support level, USD/CHF is reversing and correcting. In this case, the upside target may be the resistance area at 0.9170. Still, there might be an alternative scenario, according to which the asset may continue falling and return to the support level at 0.9060 without reversing and correcting.
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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