Japanese Candlesticks Analysis 02.11.2021 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
may reverse in the form of a new pullback. In this case, the correctional target may be the resistance area at 1.2430. However, an alternative scenario implies that the asset may continue falling to reach 1.2260 without testing the resistance area.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed a Hanging Man reversal pattern while testing the resistance level. At the moment, the asset is reversing in the form of another pullback. In this case, the correctional target may be at 0.7430. At the same time, an opposite scenario implies that the price may rebound from the channel’s downside border and resume growing towards 0.7590 without testing the support area.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after re-testing the support area, the pair has formed several reversal patterns, for example, Harami. At the moment, USDCHF is reversing in the form of a new correctional wave towards the resistance level. In this case, the upside target may be at 0.9170. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.9065 without correcting towards the resistance level.
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.