Japanese Candlesticks Analysis 13.05.2021 (USDCAD, AUDUSD, USDCHF)

13.05.2021

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Hammer and Inverted Hammer, not far from the support level, USDCAD may reverse and start a new correction towards 1.2200. After testing this level, the price may rebound and resume its descending tendency. However, an alternative scenario implies that the asset may fall to reach the support level at 1.2045 without reversing and correcting.

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, AUDUSD has formed several reversal patterns, such as Hammer, not far from the support level. At the moment, the asset may reverse and resume its ascending tendency. In this case, the upside target may be the resistance area at 0.7777. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7676, rebound from it, and then resume trading upwards.

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, the asset is still moving sideways within the downtrend. At the moment, after forming several reversal patterns, such as Harami, not far from the resistance area, USDCHF may reverse and resume trading downwards. In this case, the downside target may be the support level at 0.8985. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 0.9115 before a further decline.

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.