Japanese Candlesticks Analysis 26.07.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset continues the correction. After forming several reversal patterns, such as Hammer and Engulfing, close to the support area, USDCAD may reverse and start a new growth towards the resistance level at 1.2755. However, an alternative scenario implies that the asset may continue falling to reach 1.2520 before resuming its growth.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns during the pullback, such as Doji, not far from the resistance level. At the moment, the asset may reverse in the form of a new decline within the descending channel. In this case, the downside target may be the support area at 0.7260. At the same time, an opposite scenario implies that the price may correct towards the resistance level at 0.7400 and then resume the descending tendency.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the correction continues. By now, the pair has formed several reversal patterns, for example, Shooting Star, close to the resistance area. At the moment, USDCHF may reverse and start a new pullback. In this case, the correctional target may be the support level at 0.9160. Still, there might be an alternative scenario, according to which the asset may grow towards 0.9245 without testing the support level.

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.