Japanese Candlesticks Analysis 06.05.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the descending tendency continues. At the moment, after forming a Harami pattern not far from the resistance level, USDCAD is trying to reverse. The downside target may be at 1.3876. At the same time, there might be another scenario, which implies that the instrument may grow and return to 1.4175.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After changing the borders of the channel, AUDUSD has formed a Harami pattern close to the support. At the moment, the price is reversing. Later, the pair may resume trading upwards. In this case, the upside target may be at 0.6565. Still, the instrument may choose an opposite scenario and continue falling to test 0.6375.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the pair continues growing. By now, USDCHF has formed a Hammer pattern near the support level. At the moment, the price is reversing and may later resume the ascending tendency. In this case, the upside target may be at 0.9768. After reaching it, the market may rebound from this level again.