Japanese Candlesticks Analysis 25.01.2024 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed a Hanging Man reversal pattern on H4. Currently, the instrument could go by the reversal pattern in a descending wave. The decline target might be the 1.3480 mark. Next, the price could break the level and extend the downtrend. However, the quotes might correct to 1.3590 before the decline.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed a Hammer reversal pattern on H4. Currently, the instrument could go by the reversal pattern in an ascending wave. The correction target might be 0.6625. Upon testing the resistance, the quotes could rebound from this level and continue developing the downtrend. However, the price might fall to 0.6510 without testing the resistance.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument could go by the reversal pattern in an ascending wave. The correction target might be 0.8700. Upon testing the resistance, the quotes could rebound from this level and continue developing the downtrend. However, the price might drop to 0.8565 without any pullback to the resistance.
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.