Japanese Candlesticks Analysis 29.09.2020 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the rising tendency continues. By now, after testing the resistance area and forming several reversal patterns, such as Harami, USDCAD has reversed to form a slight correction. The upside target may be at 1.3430. However, an alternative scenario implies that the instrument may fall and correct towards 1.3345.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the correction within the downtrend continues. Right now, after forming a Hammer pattern, AUDUSD is reversing. The next upside target may be at 0.7117. Later, the price may test this level and resume trading downwards. In this case, the downside target may be at 0.7000.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair is finishing the correction within the ascending tendency. By now, after forming several reversal patterns, such as Doji, not far from the support level, USDCHF is expected to reverse and continue growing. In this case, the upside target may be at 0.9315. Still, there might be an alternative scenario, according to which the asset may correct towards 0.9200 before resuming the downtrend.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.