Japanese Candlesticks Analysis 11.03.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset is still moving sideways. After forming a Hammer reversal pattern not far from the support level, USDCAD may reverse and correct towards the resistance area at 1.2730. After the correction, the price may resume falling to reach the next downside target at 1.2500. After that, the asset may continue forming the descending impulse.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after forming several reversal patterns, such as Inverted Hammer, not far from the support area, the pair may reverse and resume growing to reach the resistance level at 0.7880. After testing it, the instrument may resume its decline to reach the downside target at the next support level at 0.7645.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the correction within the uptrend continues. At the moment, after forming an Engulfing reversal pattern not far from the support area, USDCHF may reverse and resume growing. In this case, the upside target is the resistance level at 0.9410. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9220 before resuming its growth.

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.