Japanese Candlesticks Analysis 12.01.2024 (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 decline target might be 1.3300. Next, the price could break the level and extend the downtrend. However, the quotes might correct to 1.3440 before the decrease.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 0.6775. Upon testing the resistance, the quotes could break this level and continue developing the uptrend. However, the price might correct to 0.6670 before the rise.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Hanging Man reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 0.8465. Upon testing the support, the price could break this level and continue developing the downtrend. However, the quotes might pull back to 0.8600 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.