Japanese Candlesticks Analysis 05.05.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after completing the correction close to the resistance level and forming several reversal patterns there, including Long-Legged Doji, USDCAD may reverse and start a new decline towards 1.2215. After testing this level, the price may resume its descending tendency. However, an alternative scenario implies that the asset may grow to reach the resistance level at 1.2380 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 not far from the support level, such as Hammer. At the moment, the asset may reverse and resume trading upwards. In this case, the upside target may be the resistance area at 0.7825. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7695, test it, and then resume its ascending tendency.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset is still moving sideways within the downtrend. At the moment, after forming several reversal patterns, such as Inverted Hammer, not far from the support area, USDCHF may reverse and form a new pullback. In this case, the correctional target may be the resistance level at 0.9175. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.9025 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.