Japanese Candlesticks Analysis 19.11.2019 (USDCAD, AUDUSD)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after breaking the descending channel’s upside border close to the resistance level, USDCAD continues moving upwards. Right now, the pair is starting to form a new rising channel with Doji pattern close to its downside border. Within the given scenario, we may assume that the price may reverse and continue growing towards 1.3295. However, we shouldn’t ignore an alternative scenario, according to which the instrument may continue falling towards 1.3188.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after breaking the rising channel’s downside border, AUDUSD has formed Hammer reversal pattern close to the support level. At the moment, the pair is reversing. Judging by the previous movements, we may assume that the price may grow towards 0.6858. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may resume falling to reach 0.6765.
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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