Japanese Candlesticks Analysis 07.04.2020 (USDCAD, AUDUSD, USDCHF)

07.04.2020

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Hammer pattern and reversing, USDCAD has tested the channel’s upside border. At the moment, the pair is still rebounding from the resistance level to continue the descending tendency. In this case, the downside target may be at 1.3920. At the same time, there might be another scenario, which implies that the instrument may re-test the channel’s upside border and grow towards 1.4300.

USDCAD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the pair continues the ascending tendency. After completing an Inverted Hammer pattern near the rising channel’s downside border, AUDUSD is reversing. Later, the price may continue trading upwards to reach 0.6333. Still, the instrument may choose a different scenario and continue falling towards 0.6000.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair continues forming the ascending channel. By now, USDCHF has formed a Doji pattern near the resistance level. The current situation suggests that after reversing the pair may start a slight correction and then continue the ascending tendency. In this case, the upside target may be at 0.9868. However, one shouldn’t ignore another scenario, which implies a deeper correction towards 0.9645.

USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.