Japanese Candlesticks Analysis 08.07.2020 (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, after completing the correction, the price has formed a Harami pattern. Considering the current downtrend, one may assume that the asset may continue falling. In this case, the downside target is at 1.3490. Still, an opposite scenario suggests that the instrument may continue growing to return to the resistance area at 1.3685.

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 Harami, 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 0.6900.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area and forming a Harami pattern, USDCHF has started reversing. Taking into account the current descending tendency, the reversal may take the form of correction towards the descending channel’s upside border. The upside target is the resistance level at 0.9485. 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.