After breaking 1.1062, EURUSD may continue falling to reach 1.1048. After that, the instrument may form one more ascending structure towards 1.1072 and then resume trading downwards with the short-term target at 1.1025.
As we can see in the H4 chart, EURUSD is moving close to 5/8. In this case, the price is expected to rebound from this level and then resume trading upwards to reach the closest resistance at 6/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside and fixes below it. After that, the instrument may continue falling towards the support at 3/8.
AUDUSD is trading at 0.6855; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6870 and then resume moving downwards to reach 0.6745. Another signal to confirm further descending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6935. In this case, the pair may continue growing towards 0.7055.
As we can see in the H4 chart, the correctional downtrend has reached the local support, which is 23.6% fibo at 1.1005. this level was the key correctional targets, which means that the pullback is about to finish and later the price may start forming a new rising wave towards 61.8% and 76.0% fibo at 1.1208 and 1.1248 respectively.
After failing to break the descending channel, EURUSD has updated the low and may later continue the current wave to the downside; right now, it is consolidating around 1.1011. If later the price breaks this range to the upside at 1.1020, the market may resume moving upwards to reach 1.1044; if to the downside at 1.1000 – start a new decline with the target at 1.0988.
Japanese Candlesticks Analysis 14.11.2019 (USDCAD, AUDUSD)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after breaking the descending channel’s upside border, USDCAD continues moving upwards. Right now, the pair is starting to form a new rising channel with Harami pattern close to its upside border. Within the given scenario, the price has formed a slight correction after reversing and in the future may continue growing towards 1.3315. However, we shouldn’t ignore an alternative scenario, according to which the instrument may continue falling towards 1.3201.
As we can see in the H4 chart, EURUSD is consolidating. In this case, the price is expected to test 5/8, rebound from it, and then resume trading downwards to reach the support at 4/8. However, this scenario may no longer be valid if the price breaks 5/8 to the upside and fixes above it. After that, the instrument may continue growing towards the resistance at 6/8.
AUDUSD is trading at 0.6809; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6840 and then resume moving downwards to reach 0.6680. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6895. In this case, the pair may continue growing towards 0.6995.
As we can see in the H4 chart, the correctional downtrend has reached 23.6% fibo. At the same time, there is a convergence on MACD. At the moment, the pair is forming another rising wave towards 61.8% and 76.0% fibo at 1.1208 and 1.1248 respectively.
After reaching the closest correctional target at 1.1077, EURUSD is moving downwards to reach 1.1066. Possibly, the pair may reach this level and then start another growth towards 1.1072, thus forming a new consolidation range. If later the price breaks this range to the upside, the market may continue the correction towards 1.1085; if to the downside – fall to break 1.1055 and then continue trading inside the downtrend with the short-term target at 1.1033.
