Japanese Candlesticks Analysis 12.07.2023 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD has formed a Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The correction target could be 1.3260. Next, the price could rebound from it and continue the downtrend. However, the quotes might drop to 1.3170 without any correction to the support.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed a Shooting Star reversal pattern on H4. Currently, the instrument might go by the reversal signal in a descending wave. The decline target could be 0.6630. After testing the support level, the quotes might break it and reinforce the downtrend. However, the price could pull back to 0.6765 before the decline.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed a Hanging Man reversal pattern on H4 near the resistance level. Currently, the instrument is going by the reversal signal in a descending wave. The decline target could be 0.8735. Upon testing the support level, the price might break it and go on by the downtrend. However, the price could pull back to 0.8810 before a further decline.
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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