Japanese Candlesticks Analysis 28.07.2023 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD quotes have formed a Hanging Man reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1.3130. Next, the price could break the support level and continue the downtrend. However, the quotes might correct to 1.3275 before the decline.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD quotes have formed a Hanging Man reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be 0.6630. Upon testing the resistance, the quotes could rebound from it and go on by the uptrend. However, the quotes might rise to 0.6725 without testing the support level.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes have formed an Engulfing reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target might be 0.8770. Upon testing the resistance, the quotes could rebound from it and go on by the downtrend. However, the price might drop to 0.8580 without testing 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.