Japanese Candlesticks Analysis 26.05.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the sideways tendency continues. After forming several reversal patterns, including Hammer, close to the support area, USDCAD may reverse and start a new correction towards 1.2180. After testing this level, the price may rebound and resume its descending tendency. However, an alternative scenario implies that the asset may fall to reach the support area at 1.1990 without any corrections.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Harami and Hammer, not far from the support level. At the moment, the asset is reversing in favor of the ascending tendency. In this case, the upside target may be the resistance area at 0.7850. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7740, rebound from it, and then resume trading upwards.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset is still testing the support area, where it has formed an Engulfing reversal pattern. At the moment, USDCHF may reverse and start a new pullback. In this case, the correctional target may be the resistance level at 0.9010. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8900 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.