Japanese Candlesticks Analysis 12.02.2020 (USDCAD, AUDUSD)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair is moving inside the rising channel again. Right now, USDCAD is reversing after completing Hanging Man pattern. The current situation implies that USDCAD may form a slight correction and then resume falling towards 1.3222. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may start a new growth to reach 1.3360.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the pair continues the correction withing the descending tendency; it has formed a reversal pattern, probably Shooting Star, not far from the channel’s upside border. Right now, there are two possible scenarios. The first one implies that AUDUSD may rebound from the resistance level and resume falling with the target at 0.6665. The other scenario suggests that the instrument may break the channel’s upside border and return to 0.6770.