Japanese Candlesticks Analysis 29.07.2020 (USDCAD, AUDUSD, USDCHF)

29.07.2020

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is still trading not far from the descending channel’s downside border and forming reversal patterns. By now, the pair has completed a Hammer pattern and is starting to reverse. However, the price is unlikely to correct towards the channel’s upside border but may continue falling to updates its lows instead. In this case, the downside target is at 1.3310.

USDCAD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the uptrend continues. By now, AUDUSD has formed another Hanging Man pattern not far from the resistance area; at the moment, the pair is reversing. The downside target may be the rising channel’s downside border at 0.7111. Later, the price may rebound from the support level and resume the rising tendency. In this case, the upside target will be at 0.7190. At the same time, one shouldn’t exclude another scenario, which implies that the instrument may continue growing without correcting towards the support area.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking the channel’s downside border and forming an Inverted Hammer pattern not far from the support area, USDCHF is reversing. The correctional target is at 0.9292. After completing the pullback, the pair may resume trading downwards to reach the next downside target at 0.9110. Still, there might be an alternative scenario, according to which the asset may continue trading downwards without reversing and forming any pullbacks.

USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.