Japanese Candlesticks Analysis 17.02.2020 (USDCAD, AUDUSD, USD/CHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair is moving inside the rising channel again. Right now, USDCAD is still reversing after completing a Hanging Man pattern. The current situation implies that USDCAD may resume falling towards the support level at 1.3197. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may start a new growth to reach 1.3326.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues the correction withing the descending tendency; after completing an Engulfing pattern and reversing, it has broken the channel’s upside border. Right now, there are two possible scenarios. The first one implies that AUDUSD may continue growing with the target at 0.6767. The other scenario suggests that the instrument may return inside the channel and resume trading inside the downtrend with the target at 0.6673.
USD/CHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after reaching the resistance level, USDCHF has formed a Shooting Star reversal pattern there. The current situation implies that the pair may reverse and start a new correction with the target at 0.9885, which is the support level. After completing the pullback, the instrument may resume the ascending tendency. However, one shouldn’t ignore another scenario, according to which the instrument may continue growing without forming any significant corrections.
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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