Japanese Candlesticks Analysis 05.03.2024 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
USDCAD formed a Shooting Star reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The correction target could be the 1.3550 mark. Next, the price might rebound from the support and maintain its upward trajectory. However, the quotes could rise to 1.3635 without testing the support.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument could go by the reversal signal in an ascending wave. The growth target might be the 0.6555 mark. After testing the resistance, the quotes might break above it and continue developing the uptrend. However, the price could pull back to 0.6470 before rising.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be the 0.8925 mark. Upon testing the resistance, the price might break above it and continue its upward momentum. However, the price could pull back to 0.8820 before growing.
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.