Japanese Candlesticks Analysis 10.02.2022 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming an Inverted Hammer reversal pattern close to the support level, USDCAD is reversing and may form a new ascending impulse. In this case, the upside target may be the resistance area at 1.2740. However, an alternative scenario implies that the asset may correct to reach 1.2625 first and then resume trading upwards.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Shooting Star reversal pattern near the resistance area. At the moment, the asset is reversing and starting a new decline. In this case, the downside target may be the support level at 0.7090. After testing the level, the price may break it and continue the descending impulse. At the same time, an opposite scenario implies that the price may grow to reach 0.7100 before resuming the downtrend.

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 and Harami. At the moment, USDCHF is reversing and correcting within the sideways channel. After the pullback is over, the asset may resume growing. In this case, the upside target may be at 0.9300. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9205 before resuming 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.