Japanese Candlesticks Analysis 10.12.2019 (USDCAD, AUDUSD)

10.12.2019

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair is forming another descending wave. By now, it has completed Engulfing reversal pattern. The current situation implies that USDCAD may reverse to continue falling towards 1.3171. However, we shouldn’t ignore an alternative scenario, according to which the instrument may continue growing to reach 1.3300 and get back inside the rising channel.

USDCAD
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, the pair continues forming the ascending tendency. After forming several reversal patterns, such as Engulfing, close to the support level and reversing, AUDUSD is moving in the middle of the rising channel. By now, it has completed Engulfing reversal pattern along with the correction and may later continue trading upwards. In this case, the upside target may be at 0.6888. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may resume falling to return to 0.6760 and update its closest lows.

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

Attention!

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.