Japanese Candlesticks Analysis 08.03.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset is still moving sideways. After forming a Shooting Star reversal pattern not far from the resistance level and reversing, USDCAD has reached the channel’s upside border. In this case, after the correction, the price may resume falling to reach the next downside target at 1.2500. After that, the asset may continue forming the descending impulse. However, an alternative scenario implies a further uptrend towards 1.2730 before the asset resumes the descending tendency.



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, afterđ║ forming several reversal patterns, such as Hammer, not far from the support area, the pair may reverse and resume growing to reach the resistance level at 0.7825. After testing it, the instrument may resume its decline to reach the downside target at the next support level at 0.7590. At the same time, an opposite scenario implies that the price may continue its decline without reversing and correcting.

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 uptrend continues. At the moment, after forming a Harami reversal pattern not far from the resistance area, USDCHF may reverse and form a slight pullback. In this case, the correctional target is the support level at 0.9275. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 0.9390 without correcting towards the support area.

USDCHF

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

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Source: RoboForex


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