Japanese Candlesticks Analysis 02.04.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming a Hammer pattern and reversing, USDCAD has tested the channel’s upside border. At the moment, the pair is still rebounding from the resistance level to the descending tendency. In this case, the downside target may be at 1.3920. at the same time, there might be another scenario, which implies that the instrument may re-test the channel’s upside border and grow towards 1.4327.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues the ascending tendency. After completing an Engulfing pattern near the rising channel’s downside border, AUDUSD is reversing. Later, the price may continue trading upwards to reach 0.6333. Still, the instrument may choose a different scenario and continue falling towards 0.6048.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the pair continues forming the ascending channel. By now, USDCHF has formed a Hammer pattern near the support level. The current situation suggests that after reversing the pair may reach 0.9777 to continue the ascending tendency. However, one shouldn’t ignore another scenario, according to which the instrument may fall towards 0.9530.