Japanese Candlesticks Analysis 07.07.2023 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed a Hanging Man reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The correction target might be 1.3300. Next, the price could break the level and go further by the downtrend. However, the quotes might rise to 1.3440 without correcting to the support.
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 decline target might be 0.6555. Upon testing the support level, the instrument could break it and go further by the downtrend. However, the quotes might pull back to 0.6690 before the decline.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Hanging Man reversal pattern near the resistance level on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be 0.8920. After testing the support level, the price could break it and continue with the downtrend. However, the quotes might pull back to 0.8990 before the decline.
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.