Japanese Candlesticks Analysis 11.05.2023 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
On H4, USDCAD has formed an Engulfing reversal pattern. The instrument is currently going by the reversal signal in an ascending wave. The pullback target could be 1.3420. Next, the price might rebound from this level and continue the downtrend. However, the price might drop to 1.3290 before correcting to the resistance.
AUDUSD, “Australian Dollar vs US Dollar”
On H4, AUDUSD has formed a Harami reversal pattern. The instrument is now going by the reversal signal in a descending wave. The pullback target could be 0.6715. After testing the support level, the quotes could rebound from it and go on developing the uptrend. However, the price might grow to 0.6815 without any correction.
USDCHF, “US Dollar vs Swiss Franc”
On H4, near the support level, the pair has formed a Hammer reversal pattern. The instrument is currently going by the reversal signal in an ascending wave. The target for the correction could be 0.8950. Upon testing the resistance level, the pair could rebound from it and continue developing the downtrend. However, the quotes might drop to 0.8830 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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