Japanese Candlesticks Analysis 02.10.2020 (USDCAD, AUDUSD, USDCHF)

02.10.2020

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the rising tendency continues. By now, after testing the support area and forming several reversal patterns, such as Hammer, USDCAD is expected to reverse and get back inside the rising channel. In this case, the upside target may be at 1.3430. However, an alternative scenario implies that the instrument may fall and correct towards 1.3255.

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 downtrend continues. Right now, after forming several reversal patterns, such as Shooting Star, at the top of the correctional structure, AUDUSD is reversing. The next downside target may be at 0.7000. At the same time, an opposite scenario says that the price may grow and return to 0.7230.

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

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair is still correcting within the ascending tendency. By now, after forming several reversal patterns, such as Harami, not far from the horizontal support level, USDCHF is expected to reverse and resume growing. In this case, the upside target may be at 0.9315. Still, there might be an alternative scenario, according to which the asset may correct towards 0.9160 before resuming the uptrend.

USDCHF
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.