Japanese Candlesticks Analysis 04.09.2019 (USDCAD, AUDUSD)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD has formed Engulfing reversal pattern near the rising channel’s upside border. Right now, the pair is moving in the center of the channel and trying to reverse. At the moment, it may be assumed that the price may complete a slight correction and resume falling towards 1.3277. However, we shouldn’t ignore a possibility that the instrument may continue its growth to reach 1.3384.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has broken the descending channel. By now, the pair has completed Shooting Star pattern close to the horizontal resistance level. Judging by the previous movements, we may assume that after a slight correction, the price may trade towards 0.6800 to start a new ascending channel. However, we shouldn’t ignore a possibility that the instrument may go back to 0.6741.
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.