Japanese Candlesticks Analysis 29.07.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset continues falling. After forming several reversal patterns, such as Harami, close to the resistance area, USDCAD may reverse and correct towards the support level at 1.2425. However, an alternative scenario implies that the asset may continue growing to reach 1.2660 without testing the support level.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Hammer, not far from the support level. At the moment, the asset may reverse in the form of a new growth towards the resistance area. In this case, the upside target may be at 0.7410. At the same time, an opposite scenario implies that the price may fall to reach the support level at 0.7260 and continue the descending tendency without testing the resistance area.

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 is reversing. In this case, the next downside target may be the support level at 0.9060. Still, there might be an alternative scenario, according to which the asset may grow towards 0.9160 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.