Japanese Candlesticks Analysis 16.05.2024 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed an Engulfing reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The correction target could be 1.3660. Next, the price might rebound from the resistance level and continue its downward momentum. However, the quotes could decline to 1.3555 without pulling back.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 0.6765. After testing the resistance level, the quotes could break above it and maintain their upward trajectory. However, the price might pull back to 0.6640 before rising.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Harami reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target could be 0.9040. After testing the resistance level, the price might rebound and continue developing the downtrend. However, the price could fall to 0.8950 without a correction.
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.