Japanese Candlesticks Analysis 07.07.2022 (USDCAD, AUDUSD, USDCHF)

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Harami reversal pattern close to the resistance level, USDCAD may reverse in the form of another correctional impulse. In this case, the downside correctional target may be the support area at 1.2980. Later, the market may rebound from this level and resume growing. However, an alternative scenario implies that the asset may grow to reach 1.3145 and continue the uptrend without testing the support area.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Hammer reversal pattern near the support area. At the moment, the asset is reversing in the form a new rising impulse. In this case, the upside target may be the resistance level at 0.6875. After testing the level, the price may rebound from it and resume the descending tendency. At the same time, the opposite scenario implies that the price may fall to reach 0.6715 and continue the downtrend without any corrections.

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, for example, Doji. At the moment, USDCHF may reverse in the form of a new correctional impulse. In this case, the downside correctional target may be at 0.9655. 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 0.9760 and continue the ascending tendency without any pullbacks.

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.