Japanese Candlesticks Analysis 23.04.2020 (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, after completing an Engulfing pattern and then attempting to reverse, AUDUSD is correcting. The upside target may be at 1.4320. At the same time, there might be another scenario, which implies that the instrument may fall towards the support level at 1.4000.
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 a Doji pattern not far from the support level, the price is expected to reverse and then resume growing. the upside target remains at 0.6550. Still, the instrument may choose an opposite scenario and continue trading sideways to test the support level at 0.6262.
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 Hammer, 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 0.9790. However, one shouldn’t ignore another scenario, according to which the instrument may fall and return to 0.9600.
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the pair is forming an ascending tendency. At the moment, after completing an Engulfing pattern and then attempting to reverse, AUDUSD is correcting. The upside target may be at 1.4320. At the same time, there might be another scenario, which implies that the instrument may fall towards the support level at 1.4000.
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 a Doji pattern not far from the support level, the price is expected to reverse and then resume growing. the upside target remains at 0.6550. Still, the instrument may choose an opposite scenario and continue trading sideways to test the support level at 0.6262.
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 Hammer, 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 0.9790. However, one shouldn’t ignore another scenario, according to which the instrument may fall and return to 0.9600.