Japanese Candlesticks Analysis 04.10.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Hammer, close to the support level, USDCAD may reverse in the form of a new ascending impulse. In this case, the upside target may be the resistance area at 1.2755. However, an alternative scenario implies that the asset may continue falling to reach 1.2590 without reversing and correcting.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Harami, while testing the resistance level. At the moment, the asset may reverse to complete the correction and resume trading downwards. In this case, the downside target may be at 0.7180. At the same time, an opposite scenario implies that the price may grow towards 0.7300 first and then resume falling.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed several reversal patterns, for example, Inverted Hammer. At the moment, USDCHF is reversing and may later start a new growth towards the resistance level. In this case, the upside target may be at 0.9380. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9270 and then resume its ascending tendency.

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.