Japanese Candlesticks Analysis 26.11.2020 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair is still moving within the descending tendency. Right now, after forming several reversal patterns, such as Harami, not far from the support level, USDCAD is reversing and may correct towards the descending channel’s upside border. Later, the market may resume trading downwards. in this case, the downside target will be at 1.2850.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD continues reversing after completing a Hammer pattern. Right now, the pair is moving inside the rising channel. Possibly, the asset may rebound from the support area and resume moving upwards. In this case, the upside target will be the next resistance level at 0.7460. At the same time, an opposite scenario says that the price may continue falling to return to 0.7280 before resuming its growth.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset continues falling within the descending channel. After forming several reversal patterns, such as Shooting Star, not far from the resistance area, USDCHF is reversing and may later resume the descending tendency. In this case, the next downside target may be the support area at 0.9030. Later, the market may continue falling to reach the descending channel’s downside border. Still, there might be an alternative scenario, according to which the asset may return to 0.9140 before resuming its decline.

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.