Japanese Candlesticks Analysis 06.12.2021 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Hanging Man reversal pattern close to the resistance level, USDCAD is reversing in the form of another pullback. In this case, the downside correctional target may be the support area at 1.2750. However, an alternative scenario implies that the asset may continue growing to reach 1.2910 without testing the support area and forming any corrections.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Engulfing, near the channel’s downside border. At the moment, the asset may reverse in the form of another correctional impulse. In this case, the upside correctional target may be the resistance area at 0.7100. At the same time, an opposite scenario implies that the price may continue falling to reach 0.6970 without correcting towards the resistance area.

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, Hammer. At the moment, USDCHF is reversing in the form of a new rising wave towards the resistance level. In this case, the upside target may be at 0.9265. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.9155 before resuming its ascending tendency towards the resistance 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.