Japanese Candlesticks Analysis 04.02.2020 (USDCAD, AUDUSD)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after completing another growth and forming Shooting Star pattern, the pair is reversing. The current situation implies that USDCAD may form a slight correction and then resume growing towards 1.3373. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may start a new decline to reach 1.3160 to continue forming the ascending channel.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair is trading sideways; it has formed several reversal patterns, such as Hammer, not far from the channel’s downside border. Right now, AUDUSD is starting to reverse; the upside target may be at 0.6801. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may continue falling towards 0.6670 without reversing and forming another rising wave.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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