Japanese Candlesticks Analysis 21.07.2020 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after re-testing the resistance area and forming a Shooting Star pattern, USDCAD has almost reversed. Considering the current downtrend, one may assume that the asset may break the support level and then continue falling. In this case, the downside target is at 1.3434. Still, an opposite scenario suggests that the instrument may continue growing to return to the resistance area at 1.3620.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the uptrend continues. By now, AUDUSD has formed a Shooting Star pattern not far from the resistance area; at the moment, the pair is reversing. The target is the rising channel’s downside border. Later, the price may rebound from the support level and resume the rising tendency. In this case, the upside target remains at 0.7070. At the same time, one shouldn’t exclude another scenario, which implies that the instrument may continue falling and return to 0.6970.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after testing the support area again and forming a group of reversal patterns, including Hammer, USDCHF is reversing. The upside target is at 0.9450. After completing the pullback, the pair may resume trading downwards to reach the next downside target at 0.9360. Later, the market may update its lows and continue falling.