Japanese candlesticks Analysis 29.05.2023 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
On H4, USDCAD has formed an Engulfing reversal pattern. The instrument is now going by the reversal signal in a descending wave. The decline target might be 1.3555. Next, the price has a chance to break this target and continue the downtrend. However, the quotes might correct to the 1.3650 level before the decline.
AUDUSD, “Australian Dollar vs US Dollar”
On H4, AUDUSD has formed a Doji reversal pattern. The instrument is now going by the reversal signal in an ascending wave. The growth target might be 0.6590. After testing the resistance level, the quotes have a chance to rebound and continue developing a downtrend. However, the current situation might develop with the price declining to 0.6520 without testing the resistance.
USDCHF, “US Dollar vs Swiss Franc”
On H4, near the resistance level, USDCHF has formed a Hanging Man reversal pattern. The instrument is now going by the reversal signal in a descending wave. The correction target might be 0.9020. After testing the support level, the price has a chance to rebound and continue developing an uptrend. However, the price might rise to 0.9100 without a pullback to the support.
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.