Japanese Candlesticks Analysis 19.08.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset continues growing. After forming several reversal patterns, such as Hammer and Inverted Hammer, close to the support level, USDCAD is reversing and resume growing towards the resistance area at 1.2775. However, an alternative scenario implies that the asset may correct to reach 1.2660 before resuming its growth.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD continues falling within the descending channel; by now, it has formed a Harami reversal pattern during the pullback. At the moment, the asset is reversing. In this case, the downside target may be at 0.7155. At the same time, an opposite scenario implies that the price may correct to reach the resistance level at 0.7240 and before continuing its descending tendency.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the uptrend continues. By now, the pair has formed several reversal patterns, for example, Doji and Hammer, close to the channel’s downside border. At the moment, USDCHF may reverse and grow towards the resistance level. In this case, the upside target may be at 0.9255. Still, there might be an alternative scenario, according to which the asset may correct towards 0.9161 first and then resume trading upwards.

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.