Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

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

Published 07/29/2020, 05:50 AM
Updated 07/09/2023, 06:32 AM

USD/CAD

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.
USDCAD

AUD/USD

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.
AUDUSD

USD/CHF

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.
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.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

really great sir i wonder from your analysis
Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.