Japanese Candlesticks Analysis 20.04.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair is forming an ascending tendency. At the moment, the pair continues reversing after completing a Hammer reversal pattern. The upside target may be at 1.4250. At the same time, there might be another scenario, which implies that the instrument may fall towards the support level at 1.3800.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the pair is still correcting within the ascending tendency. After completing an Engulfing pattern, the price has broken the ascending channel. Possibly, AUDUSD may reverse and resume trading downwards to reach 0.6550. Still, the instrument may choose an opposite scenario and continue trading sideways to test the support level at 0.6280.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the pair continues the ascending tendency. By now, USDCHF has formed several reversal patterns, such as Doji, near the channel’s downside border. The current situation suggests that after reversing the pair may continue the ascending tendency. In this case, the upside target may be at 0.9783. However, one shouldn’t ignore another scenario, according to which the instrument may fall and return to 0.9600.