Japanese Candlesticks Analysis 16.10.2019 (USDCAD, AUDUSD)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the rising channel continues. USDCAD has formed several reversal patterns, including Hammer, close to the support level. Right now, the pair is reversing and may continue growing towards 1.3305 after finishing the correction. However, we shouldn’t ignore another scenario, according to which the instrument may fall to reach 1.3170.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, after returning to the support level, AUDUSD has formed another reversal pattern, Hammer. Judging by the previous movements, we may assume that the price may finish one more slight correction and then continue trading upwards to reach 0.6802. However, we shouldn’t ignore a possibility that the instrument may resume falling towards 0.6687.
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.