Japanese Candlesticks Analysis 23.08.2023 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed an Engulfing reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The correction target might be 1.3505. Next, the price could rebound from the support and continue the uptrend. However, the quotes might rise to 1.3610 without any pullback.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be 0.6500. Upon testing the resistance, the quotes might rebound from it and continue the downtrend. However, the price could fall to 0.6390 without testing the resistance.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Shooting Star reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target could be 0.8765. Upon testing the support, the price might rebound from this level and go on developing the uptrend. However, the price could rise to 0.8840 without correcting to the support.
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.