Japanese Candlesticks Analysis 09.12.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
On H4, the pair keeps developing a downtrend. At the support level, it has formed several reversal patterns, including an Engulfing. The signal from the pattern drove the pair into a correction that is over already. Then the quotations might do on declining inside a descending channel. The aim of the decline is 1.2740.
AUDUSD, “Australian Dollar vs US Dollar”
On H4, the pair keeps working off the signal from a Harami reversal pattern. Having bounced off the support level, the pair keeps growing inside an ascending channel. The aim of the growth is the next resistance level of 0.7515. However, the quotations might still return to 0.7385 before renewing the highs and further growth.
USDCHF, “US Dollar vs Swiss Franc”
On H4, the pair has broken through the lower border of the descending channel and keeps declining. At the support level, the pair has formed several reversal patterns, including a Hammer. The quotations are done working off the signals from the patterns and keep declining. The aim of the downtrend is the next support level of 0.8835. However, the price might return to 0.8945 before resuming 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.