Japanese Candlesticks Analysis 21.05.2024 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed an Engulfing reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target could be 1.3670. Next, the price might rebound from the resistance level and continue its downward momentum. However, the quotes could decline to 1.3565 without testing the resistance level.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed a Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The growth target could be 0.6720. After testing the resistance level, the quotes could break above it and maintain their upward trajectory. However, the price might pull back to 0.6625 before rising.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Shooting Star reversal pattern on H4. Currently, the instrument might go by the reversal signal in a descending wave. The decline target could be 0.9050. After testing the support level, the price might break below it and continue developing the downtrend. However, the price could correct to 0.9135 before declining.
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.