Japanese Candlesticks Analysis 14.05.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the ascending tendency continues. By now, USDCAD has formed a Shooting Star pattern not far from the resistance level. However, the pair is not expected to reverse. Probably, the price may correct for a while and then resume growing towards 1.4141. Later, after testing 1.4141, the market may form a reversal pattern and rebound from the above-mentioned level.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the descending tendency continues. After breaking the channel’s downside border, AUDUSD continues falling. The downside target is the support level at 0.6377. Later, the pair may rebound from this level and resume trading upwards. In this case, the upside target may be at 0.6550.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after finishing the descending impulse and forming several reversal patterns close to the support level at 0.9677, USDCHF has rebounded from it. At the moment, the price is moving upwards. The upside target is the resistance level at 0.9768. After reaching it, the market may rebound from this level again.