Japanese Candlesticks Analysis 19.08.2022 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming several reversal patterns close to the resistance level, such as Engulfing, USDCAD may reverse in the form of a new descending impulse. In this case, the downside target may be at 1.2910. Later, the market may break this level and continue falling. However, an alternative scenario implies that the asset may grow to reach 1.3025.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed a Hammer reversal pattern near the support area. At the moment, the asset is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance level at 0.6970. After testing the level, the price may break it and continue the ascending tendency. At the same time, the opposite scenario implies that the price may correct to reach 0.6880 and continue the uptrend only after the pullback.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after testing the resistance area, the pair has formed an Engulfing reversal pattern. At the moment, USDCHF may reverse in the form of a new descending impulse. In this case, the downside target may be at 0.9535. After testing the support level, the price may break it and continue trading downwards. Still, there might be an alternative scenario, in which the asset may correct to reach the resistance area at 0.9640 and continue the descending tendency only after the pullback.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.