Japanese Candlesticks Analysis 27.11.2019 (USDCAD, AUDUSD)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the ascending channel continues. By now, USDCAD has formed Engulfing pattern close to the channel’s downside border. At the moment, we may assume that the pair may reverse to continue growing towards 1.3333. However, we shouldn’t ignore an alternative scenario, according to which the instrument may continue falling towards 1.3258.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues forming the ascending channel. By now, AUDUSD has formed several reversal patterns, such as Harami and Doji, close to the support level. At the moment, the pair is trying to reverse. Judging by the previous movements, we may assume that the price may grow towards 0.6830. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may resume falling to reach 0.6757.
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.