Japanese Candlesticks Analysis 07.10.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the rising tendency continues. By now, after testing the support area and forming several reversal patterns, such as Hammer, USDCAD is expected to reverse and update its closest highs. In this case, the first upside target may be at 1.3405. However, an alternative scenario implies that the instrument may fall and correct towards 1.3250.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the asset is correcting again. Right now, after forming several reversal patterns, such as Shooting Star, not far from the horizontal support level, AUDUSD is reversing and may later continue trading downwards. The next downside target remains at 0.7000. At the same time, an opposite scenario says that the price may grow and return to 0.7190.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair is moving within the ascending tendency. By now, after forming several Hammer patterns close to the channel’s downside border, USDCHF is expected to reverse and then resume growing. In this case, the upside target may be at 0.9290. Still, there might be an alternative scenario, according to which the asset may correct towards 0.9145 before resuming the uptrend.