Japanese Candlesticks Analysis 12.01.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair is forming another correctional wave. Right now, after forming several reversal patterns, such as Engulfing, not far from the resistance level, USDCAD is reversing in the form of another descending impulse and may later continue falling within the descending channel. In this case, the downside target will be at 1.2675. However, an alternative scenario implies that the price may start a new pullback to reach 1.2865 before resuming its decline.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is completing the correction. Right now, after forming several reversal patterns, such as Engulfing, not far from the support area, the pair may reverse and resume growing to reach the next resistance area at 0.7810. At the same time, an opposite scenario says that the price may correct towards 0.7575 before resuming the ascending tendency.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the correction within the downtrend continues. At the moment, after forming several reversal patterns, such as Engulfing, not far from the resistance area, USDCHF is reversing and may continue the descending tendency. In this case, the downside target may be the next support area at 0.8855. Still, there might be an alternative scenario, according to which the asset may grow to return to 0.8935 before testing the support area.

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.