Japanese Candlesticks Analysis 09.06.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the descending tendency continues. By now, USDCAD has formed another Hammer pattern not far from the support level. However, considering that the current downtrend is really active, the price is not expected to reverse. Most likely, in the nearest future, the pair may correct for a while and then resume trading downwards to reach 1.3300.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after breaking another resistance level, AUDUSD is still trading upwards. By now, it has formed a Shooting Star pattern. At the moment, the price is expected to reverse and form a slight correction towards 0.6945. In the future, the pair is expected to resume the rising tendency. In this case, the upside target may be at 0.7085.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, USDCHF has formed several reversal patterns, such as Hammer, while trading not far from the support area. At the moment, the pair is reversing. The upside target is 0.9628. However, there might be another scenario, according to which the instrument may break the support level and continue trading downwards. In this case, the downside target may be at 0.9525.