Japanese Candlesticks Analysis 12.03.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after finishing a Hanging Man pattern near the resistance level, USDCAD continues growing and updating its highs. Right now, the pair may start reversing; the downside target is at 1.3590. The current situation implies that after completing a pullback the price may resume growing towards 1.3830. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may continue growing without forming a correction towards 1.3590.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair continues the descending tendency. After completing a Shooting Star reversal pattern near the channel’s upside border, AUDUSD is still reversing. Later, the price may complete a correction and resume trading downwards to reach the channel’s downside border at 0.6410. Still, the instrument may choose a different scenario and continue falling without any corrections. A rebound from the current level is a less probable scenario, but it may happen. In this case, the target will be at 0.6570.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the descending tendency continues. By now, USDCHF has reversed after forming a Hammer reversal pattern and formed several more reversal patterns near the resistance level, including Doji. The current situation suggests that the pair may reverse and then continue the descending tendency with the target at 0.9150. However, one shouldn’t ignore another scenario, according to which the instrument may return to 0.9530.