Japanese Candlesticks Analysis 27.08.2019 (USDCAD, AUDUSD)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after breaking the channel’s downside border, USDCAD has formed Hammer reversal pattern. Right now, the pair is trying to reverse. At the moment, it may be assumed that the price may rebound from the level and go back to 1.3322. However, we shouldn’t ignore a possibility that the instrument may rebound from the support line and continue its decline to reach 1.3210.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair has broken the descending channel; it is trading sideways and may start a new rising tendency, By now, AUDUSD has completed Hammer pattern close to the support level and is trying to reverse. Judging by the previous movements, we may assume that after a slight correction the price trade towards 0.6868 to start forming a new ascending channel. However, we shouldn’t ignore a possibility that the instrument may continue falling to reach 0.6700.
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