Japanese Candlesticks Analysis 20.10.2020 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the correction within the descending tendency continues. Right now, after testing the resistance area and forming several reversal patterns, such as Engulfing, USDCAD is expected to reverse and correct towards 1.3060. However, an alternative scenario implies that the price may return to the resistance area at 1.3245 before resuming the downtrend.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD continues moving towards the channel’s downside border. Right now, after completing another correction and forming several reversal patterns, such as Harami, the pair is expected to reverse and move downwards. In this case, the downside target may be the support area at 0.7000. At the same time, an opposite scenario says that the price may grow to reach 0.7140 before resuming its decline.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking the rising channel’s downside border and forming several reversal patterns, such as Inverted Hammer, close to the horizontal support level, USDCHF is reversing and correcting. In this case, the upside target may be the resistance area at 0.9170. Still, there might be an alternative scenario, according to which the asset may continue falling and return to the support level at 0.9060 without reversing and correcting.

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.