Japanese Candlesticks Analysis 01.05.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the ascending tendency continues. At the moment, after forming a Hammer pattern not far from the support level, USDCAD is trying to reverse. The upside target may be at 1.4090. At the same time, there might be another scenario, which implies that the instrument may fall return to the support level at 1.3865.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD continue correcting within the ascending tendency. After completing a Harami pattern not far from the resistance level, the price has almost reversed. Later, the pair may rebound from the channel’s downside border and resume trading upwards. In this case, the upside target may be at 0.6620. Still, the instrument may choose an opposite scenario and continue the pullback and test 0.6380.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the pair continues falling. By now, USDCHF has formed several reversal patterns, such as Shooting Star, near the resistance level. The current situation suggests that after reversing the pair may continue the descending tendency. In this case, the downside target may be at 0.9600. Later, the market may rebound from this level and start a new growth to reach 0.9762.