Japanese Candlesticks Analysis 11.05.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the descending tendency continues. At the moment, after forming a Shooting Star pattern not far from the resistance level, USDCAD has almost reversed. The downside target may be at 1.3876. The current situation implies that after testing the above-mentioned level, the instrument may rebound and form a reversal pattern.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After changing the borders of the channel, AUDUSD has formed a Hammer pattern close to the support. At the moment, the price is reversing. Later, the pair may resume trading upwards. In this case, the upside target may be at 0.6622. Still, the instrument may choose an opposite scenario and continue falling to test 0.6444.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the pair is forming a descending impulse. By now, USDCHF has formed a Shooting Star pattern near the resistance level. At the moment, the price is reversing and may later resume the descending tendency. In this case, the downside target may be at 0.9600. After reaching it, the market may rebound from this level again.
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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