Japanese Candlesticks Analysis 17.01.2020 (USDCAD, AUDUSD)

17.01.2020

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the sideways movement continues. By now, the pair has finished several reversal patterns, including Doji. The current situation implies that USDCAD may grow to reach 1.3083 and start forming a new ascending channel. However, we shouldn’t ignore an alternative scenario, according to which the instrument may fall towards 1.3014.

USDCAD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the pair has completed another correction within the ascending tendency: it has formed several reversal patterns, including Hammer, close to the channel’s downside border. Right now, AUDUSD is starting to reverse; the upside target may be at 0.6960. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may continue falling towards 0.6850.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.