Japanese Candlesticks Analysis 30.12.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the descending tendency continues. Right now, after forming several reversal patterns, such as Doji, not far from the resistance level, USDCAD is reversing in the form of another descending impulse and may later continue falling within the descending channel. in this case, the downside target will be at 1.2685. However, an alternative scenario implies that the price may start a new pullback to reach 1.2900 before resuming its decline.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD continues growing within the rising channel. Right now, after forming several reversal patterns, such as Harami, not far from the support area, the pair may reverse and then resume growing to reach the next resistance area at 0.7700. At the same time, an opposite scenario says that the price may correct towards 0.7575 before resuming the ascending tendency.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the downtrend continues. At the moment, after forming several reversal patterns, such as Engulfing, not far from the resistance area, USDCHF is reversing and may continue the descending tendency. In this case, the downside target may be the next support area at 0.8770. Still, there might be an alternative scenario, according to which the asset may grow to return to 0.8900 before testing the support area.