Japanese Candlesticks Analysis 18.08.2017 (USD/CAD, EUR/USD)
USD CAD, “US Dollar vs Canadian Dollar”
Right now, it’s a critical time for the USD/CAD pair. The ascending movement was completed with Shooting Star and Long-Legged Doji patterns, which means that the trend may reverse. But at the same time, the price returned to the broken support level. Shooting Star pattern, which was fore=med during the pullback, indicates the end of the correction. As a result, the instrument is expected to move towards 1.2564.
EUR/USD, “Euro vs. US Dollar”
At the H4 chart of EUR USD, the price is constantly forming Doji, Shooting Star, Long-Legged Doji, and Engulfing reversal patterns at the tops. Moreover, each successive top of the pullback is lower than previous one, which means that the price is resuming the downtrend. By now, the pair has completed another correction from the support level with Long-Legged Doji and Engulfing patterns, and then another Engulfing pattern at the support level. So, the instrument is stuck in the flat and after reaching its upside border may rebound again. The downside target at 1.1627.
RoboForex Analytical Department
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.