Daily Free Forex Signals For 05/05/2020
rfxsignals January 12, 2021 No Comments

Japanese Candlesticks Analysis 12.01.2021 (USDCAD, AUDUSD, USDCHF)

12.01.2021

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair is forming another correctional wave. Right now, after forming several reversal patterns, such as Engulfing, not far from the resistance level, USDCAD is reversing in the form of another descending impulse and may later continue falling within the descending channel. In this case, the downside target will be at 1.2675. However, an alternative scenario implies that the price may start a new pullback to reach 1.2865 before resuming its decline.

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, AUDUSD is completing the correction. Right now, after forming several reversal patterns, such as Engulfing, not far from the support area, the pair may reverse and resume growing to reach the next resistance area at 0.7810. At the same time, an opposite scenario says that the price may correct towards 0.7575 before resuming the ascending tendency.

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

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the correction within the downtrend continues. At the moment, after forming several reversal patterns, such as Engulfing, not far from the resistance area, USDCHF is reversing and may continue the descending tendency. In this case, the downside target may be the next support area at 0.8855. Still, there might be an alternative scenario, according to which the asset may grow to return to 0.8935 before testing the support area.

USDCHF