Japanese Candlesticks Analysis 24.08.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset continues falling. After forming a Shooting Star pattern close to the resistance level, USDCAD is reversing and may resume falling towards the support area at 1.2580. However, an alternative scenario implies that the asset may continue growing to reach 1.2740 without testing the support area.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, while testing the channel’s downside border, AUDUSD has formed several reversal patterns, such as Hammer. At the moment, the asset is reversing. In this case, the upside target may be at 0.7285. At the same time, an opposite scenario implies that the price may return to the support area at 0.7155 without testing the channel’s upside border.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset is finishing the correction. By now, the pair has formed several reversal patterns, for example, Harami, 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 0.9200. Still, there might be an alternative scenario, according to which the asset may correct towards 0.9095 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.