Japanese Candlesticks Analysis 05.12.2019 (USDCAD, AUDUSD)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair has broken the rising channel’s downside border; right now, it is moving close to the support level, where it earlier formed Hammer reversal pattern. The current situation implies that USDCAD may reverse to continue growing towards 1.3266. However, we shouldn’t ignore an alternative scenario, according to which the instrument may continue falling to reach 1.3113.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues forming the ascending tendency. After forming several reversal patterns, such as Hammer, close to the support level and reversing, AUDUSD is moving in the middle of the rising channel. By now, it has completed Engulfing reversal pattern along with the correction and may later continue trading upwards. In this case, the upside target may be at 0.6888. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may resume falling to return to 0.6760 and update its closest lows.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.