Japanese Candlesticks Analysis 07.04.2022 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Doji reversal pattern close to the resistance level, USDCAD is reversing in the form a new descending impulse. In this case, the downside target may be at 1.2460. However, an alternative scenario implies that the asset may correct to rebound from the resistance level at 1.2615 and then resume the downtrend.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Hanging Man reversal pattern near the resistance area. At the moment, the asset is reversing and starting a new correctional impulse. In this case, the downside correctional target may be the support level at 0.7430. After testing the level, the price may rebound from it and resume the ascending impulse. At the same time, an opposite scenario implies that the price may grow to reach 0.7575 and continue the uptrend without testing 0.7430.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the resistance area, the pair has formed several reversal patterns, such as Hanging Man. At the moment, USDCHF is reversing in the form of a new descending impulse. In this case, the downside target may be at 0.9290. After testing the support level, the price may rebound from it and resume trading upwards. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.9365 without any corrections.

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.