Japanese Candlesticks Analysis 02.08.2023 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed a Hanging Man reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1.3255. Next, the price could break the support and continue the downtrend. However, the quotes could correct to 1.3340 before a decline.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed a Harami reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be 0.6530. Upon testing the support, the quotes might rebound and continue the uptrend. However, the price could rise to 0.6640 without testing the support level.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed an Engulfing reversal pattern near the support level on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target might be 0.8840. Upon testing the resistance, the price could rebound from it and continue the downtrend. However, the quotes might drop to 0.8680 without testing the resistance level.
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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