Japanese Candlesticks Analysis 04.03.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after testing the rising channel’s upside border, the pair has formed a Hanging Man reversal pattern. Right now, USDCAD is still reversing; the downside target is at 1.3300. The current situation implies that after testing the support level the price may resume growing towards 1.3455. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may beak 1.3300 and then continue falling.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues the descending tendency. By now, AUDUSD has completed a Harami reversal pattern near the channel’s upside border. At the moment, there are two possible scenarios. The first one implies that AUDUSD may reverse and continue falling to reach 0.6480. The other scenario suggests that the instrument may correct with the target at 0.6675. The current situation implies that the first scenario is more probable.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the descending tendency continues. By now, USDCHF has formed a Hammer reversal pattern close to the support level. The current situation suggests that the pair may reverse, form a slight correction towards the channel’s upside border, and then continue the descending tendency with the target at 0.9500. However, one shouldn’t ignore another scenario, according to which the instrument may return to 0.9660 without testing 0.9500.