Japanese Candlesticks Analysis 18.11.2020 (USDCAD, AUDUSD, USDCHF)

18.11.2020

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair is still correcting within the descending tendency. Right now, after forming a Shooting Star pattern, USDCAD is reversing and correcting. Later, the market may resume trading downwards. The downside target remains at 1.2900. However, an alternative scenario implies that the price may start a new growth to return to 1.3210 before resuming the downtrend.

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 continues reversing after completing a Hammer pattern. Right now, the pair is correcting and testing the rising channel’s downside border. Possibly, the asset may rebound and resume moving upwards. In this case, the upside target will be the next resistance level at 0.7400. At the same time, an opposite scenario says that the price may continue falling towards 0.7225 before resuming its growth.

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 continues forming the descending tendency. After forming several reversal patterns, such as Shooting Star, not far from the channel’s upside border, USDCHF is expected to reverse and resume the descending tendency. In this case, the next downside target may be the support area at 0.9020. Later, the market may continue falling to reach the descending channel’s downside border. Still, there might be an alternative scenario, according to which the asset may return to 0.9155 before resuming its 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.