Japanese Candlesticks Analysis 01.12.2020 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

On H4, the pair keeps developing a downtrend. At this stage, the pair has formed several reversal patterns, including a Harami. The signal of the reversal pattern might drive the price down to the support level. Thus the quotations will continue the descending dynamics, aiming at 1.2850.

AUDUSD, “Australian Dollar vs US Dollar”

On H4, the pair has kicked off realizing a reversal Engulfing pattern. At this stage, the pair remains inside the ascending channel. Bouncing off the support level, the pair might develop another ascending impulse. The aim of the growth will be on the next resistance level – 0.7475. However, the quotations might still return to 0.7300 before further growth.

USDCHF, “US Dollar vs Swiss Franc”

On H4, the pair keeps declining inside the descending channel. After a correction, the price has formed several reversal patterns, including a Harami, near the resistance level. Currently, the quotations have started realizing the signals of the reversal patterns, which means the downtrend keeps developing. Th aim of the decline is the support level near 0.9015. Then the quotations might head for the lower border of the descending channel. Nonetheless, the quotations might return to 0.9125 before falling.

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.