Japanese Candlesticks Analysis 01.04.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Hanging Man, not far from the resistance level, USDCAD may reverse and fall towards the support area at 1.2500. After testing the support area, the price may continue its descending tendency. However, an alternative scenario implies a further uptrend to return to the resistance level at 1.2670 before resuming its decline.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, during the pullback, AUDUSD has formed several reversal patterns, such as Harami, not far from the resistance area. At the moment, the asset is still reversing. In this case, the downside target is the support area at 0.7490. At the same time, an opposite scenario implies that the price may correct towards the resistance level at 0.7600 before resuming its descending tendency.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the uptrend continues. At the moment, after forming several reversal patterns, such as Shooting Star, not far from the resistance area, USDCHF may reverse and correct downwards. In this case, the correctional target is the support level at 0.9375. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 0.9515 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.