Japanese Candlesticks Analysis: USD/CAD, AUD/USD, USD/CHF
Maksim Artemov | Jul 29, 2020 05:50AM ET
As we can see in the H4 chart, USD/CAD is still trading not far from the descending channel’s downside border and forming reversal patterns. By now, the pair has completed a "Hammer" pattern and is starting to reverse. However, the price is unlikely to correct towards the channel’s upside border but may continue falling to updates its lows instead. In this case, the downside target is at 1.3310.
As we can see in the H4 chart, the uptrend continues. By now, AUD/USD has formed another "Hanging Man" pattern not far from the resistance area; at the moment, the pair is reversing. The downside target may be the rising channel’s downside border at 0.7111. Later, the price may rebound from the support level and resume the rising tendency. In this case, the upside target will be at 0.7190. At the same time, one shouldn’t exclude another scenario, which implies that the instrument may continue growing without correcting towards the support area.
As we can see in the H4 chart, after breaking the channel’s downside border and forming an "Inverted Hammer" pattern not far from the support area, USD/CHF is reversing. The correctional target is at 0.9292. After completing the pullback, the pair may resume trading downwards to reach the next downside target at 0.9110. Still, there might be an alternative scenario, according to which the asset may continue trading downwards without reversing and forming any pullbacks.
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./h3
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