Japanese Candlesticks Analysis 06.06.2024 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed a Hanging Man reversal pattern on H4. The instrument is currently following the reversal signal in a descending wave. The decline target could be 1.3615. Next, the price might rebound from the support level and continue its downward momentum. However, the quotes could correct to 1.3730 before declining.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed a Hammer reversal pattern on H4. The instrument is currently following the reversal signal in an ascending wave. The growth target could remain at 0.6700. After testing the resistance level, the quotes could break above it and maintain their upward trajectory. However, the price might pull back to 0.6630 before rising.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Hammer reversal pattern on H4. The instrument is currently following the reversal signal in an ascending wave. The correction target could be 0.8955. After testing the resistance level, the price might rebound and continue to develop a downtrend. However, the price could decline to 0.8870 without returning 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.