Japanese Candlesticks Analysis 24.05.2024 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed a Hanging Man reversal pattern near the resistance level on H4. Currently, the instrument might follow the reversal signal in a descending wave. The decline target could be the 1.3650 support level. However, after testing the resistance, the price could return to 1.3775 and continue its downward momentum.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed a Doji reversal pattern on H4. Currently, the instrument might follow the reversal signal in an ascending wave. The growth target could be the 0.6700 resistance level. After testing this level and breaking above it, the price might continue the uptrend. However, the quotes could pull back to 0.6565 before rising.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Doji reversal pattern on H4. Currently, the instrument might follow the reversal signal in a descending wave. The decline target could be the 0.9090 support level. After testing this level and breaking below it, the price might continue the downtrend. However, the quotes could pull back to 0.9180 before falling further.
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.