USD/CAD, AUD/USD, USD/CHF Japanese Candlesticks Analysis
Maksim Artemov | Oct 23, 2020 03:57AM ET
As we can see in the H4 chart, the correction within the descending tendency continues. Right now, after re-testing the resistance area and forming several reversal patterns, such as "Harami", USD/CAD is expected to reverse and fall towards 1.3040. 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 the correction from the channel’s downside border. Right now, after forming several reversal patterns, such as "Harami", at the top of the correction, 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 return o 0.7165 before resuming its decline.
As we can see in the H4 chart, the downtrend continues. After 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 0.9125. Still, there might be an alternative scenario, according to which the asset may continue falling and return to the support level at 0.9000 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.
/h2
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.