Japanese Candlesticks Analysis 03.07.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is still rebounding from the resistance level. By now, the price has reversed and is forming another correction. Considering the current downtrend, one may assume that after a slight pullback the asset may resume falling. In this case, the downside target is at 1.3490. Still, an opposite scenario suggests that the instrument may continue growing to reach 1.3773.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the uptrend continues. By now, AUDUSD has formed several reversal patterns, including Hammer, not far from channel’s downside border. The upside target is the closest resistance level. Later, the price may continue 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 0.6860.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after forming a Harami pattern close to the support level, USDCHF has started reversing. The upside target is the resistance level at 0.9510. Later, the market may test the level, rebound from it, and resume trading downwards. In this case, the downside target may be the support level at 0.9380.