Japanese Candlesticks Analysis 16.10.2017 (USD/CAD, GOLD)
USD CAD, “US Dollar vs Canadian Dollar”
At the H4 chart, the USD/CAD pair formed the ascending channel with Hammer, Doji, Engulfing, and Shooting Star reversal patterns at support and resistance levels to define its borders. After breaking the downside border of the channel, the price finished Inverted Hammer and Hammer patterns, formed another correction with two Hanging Man, Engulfing, and Gravestone Doji patterns at the top of it. The downside target is still the support level at 1.2427.
XAU USD, “Gold vs US Dollar”
At the H4 chart, the instrument reversed and started forming the ascending channel with Engulfing and Inverted Hammer patterns at the support and resistance level to define its borders. The price also formed Shooting Star pattern near resistance level, but failed to rebound from the border of the channel, that’s why the instrument is still growing towards the next resistance level at 1311.37.
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