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Japanese Candlesticks Analysis 09.08.2019 (USDCAD, AUDUSD)

9 august 2019 - Fx4News

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after testing the channel’s upside border and forming Hanging Man pattern, USDCAD has reversed and reached the support level. Right now, the pair is testing the level and forming Hammer and Inverted Hammer reversal pattern. At the moment, it may be assumed that the price may rebound from the level and go back to 1.3333. However, we shouldn’t ignore a possibility that the instrument may move sideways without reversing and then continue its decline to reach 1.3185.

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, the pair is forming the descending channel. Right now, AUDUSD is testing the resistance level and forming Harami and Hanging Man reversal patterns. Judging by the previous movements, we may assume that the price is going to rebound from this level. The downside target is at 0.6700. However, we shouldn’t ignore a possibility that the instrument may break the resistance level and continue growing to reach 0.6868.

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

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