Japanese Candlesticks Analysis 01.12.2023 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The correction target could be 1.3575. Next, the price might have a chance for a rebound from the resistance level and further development of the downtrend. However, the quotes could drop to 1.3500 without any pullback.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed a Shooting Star reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The correction target might be 0.6570. Upon testing the support, the quotes could get a chance for rebounding from it and developing the uptrend further. However, the price might rise to 0.6670 without testing the support.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The correction target could be 0.8780. Upon testing the resistance, the price might rebound from it and continue developing the downtrend. However, the quotes could drop to 0.8685 without any correction.
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.