Japanese Candlesticks Analysis 17.03.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair continues growing and updating its highs; it has formed an Engulfing reversal pattern close to the resistance level. Right now, USDCAD is expected to start reversing; the downside target is at 1.3850. The current situation implies that after completing a pullback the price may resume growing towards 1.4090. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may continue growing without forming a correction towards 1.3850.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues the descending tendency. After completing a Hammer reversal pattern near the support level, AUDUSD is reversing. Later, the price may complete a correction at 0.6169 and then resume trading downwards. Still, the instrument may choose a different scenario and continue falling towards 0.5940 without any corrections.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the pair is testing the descending channel’s upside border; by now, USDCHF has formed several reversal patterns, such as Shooting Star, near the resistance level. The current situation suggests that the pair may reverse and then continue the descending tendency with the target at 0.9243. However, one shouldn’t ignore another scenario, according to which the instrument may return to 0.9530.