Japanese Candlesticks Analysis 12.06.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is correcting within the downtrend. By now, USDCAD has formed an Engulfing pattern not far from the resistance level. However, considering that the current downtrend is really active, after completing the correction, the price is expected to continue falling. In this case, the downside target may be the support level at 1.3400.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is correcting within the uptrend. By now, it has formed an Engulfing pattern close to the resistance level. Possibly, the price may reverse and resume the rising tendency. In this case, the upside target may be at 0.7070. At the same time, one shouldn’t exclude another scenario, which implies that the instrument may continue falling towards 0.6780 without reversing.

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 0.9485. However, there might be another scenario, according to which the instrument may continue trading downwards without forming any significant corrections. In this case, the downside target may be at 0.9377.