Japanese Candlesticks Analysis 06.12.2023 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed a Harami reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1.3500. Next, the price could break the support and continue the downtrend. However, the quotes might correct to 1.3615 before falling.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed an Engulfing reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 0.6630. Upon testing the resistance, the quotes could break it and continue developing the uptrend. However, the pair might correct to 0.6550 before rising.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target might be 0.8785. Upon testing the resistance, the quotes could rebound from it and continue developing the downtrend. However, the price might drop to 0.8670 without testing the resistance level.
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.