Japanese Candlesticks Analysis 30.08.2019 (USDCAD, AUDUSD)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, USDCAD has formed Hammer reversal pattern near the rising channel’s downside border. Right now, the pair is trying to reverse. At the moment, it may be assumed that the price may complete Flat and resume growing to go back to 1.3335. However, we shouldn’t ignore a possibility that the instrument may continue its decline to reach 1.3232.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the descending tendency continues. By now, AUDUSD has completed Hammer pattern close to the horizontal support level. Judging by the previous movements, we may assume that after a slight correction towards 0.6742, the price may to continue falling and forming the descending channel. However, we shouldn’t ignore a possibility that the instrument may continue falling to reach 0.6700 without any pullbacks.
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.