Japanese Candlesticks Analysis 20.03.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after updating its highs, USDCAD is correcting; it has formed a Harami reversal pattern close to the resistance level. Right now, the pair is reversing; the downside target is at 1.4330. The current situation implies that after completing a pullback the price may resume growing towards 1.4780.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the pair continues the correction within the descending tendency. After completing a Hammer reversal pattern near the support level, AUDUSD is reversing. Later, the price may complete a correction at 0.6077 and then resume trading downwards. Still, the instrument may choose a different scenario and continue falling towards 0.5525 without testing 0.6077.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair is forming a new ascending channel; by now, USDCHF has formed several reversal patterns, such as Hanging Man, near the resistance level. The current situation suggests that the pair may reverse and then start a new correction with the target at 0.9752. However, one shouldn’t ignore another scenario, according to which the instrument may continue growing to reach 0.9950.