Japanese Candlesticks Analysis 17.08.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD continues updating its lows and forming reversal patterns. By now, the pair has completed another pullback after finishing an Inverted Hammer pattern. Taking into account a stable descending tendency, the price is not expected to correct towards 1.3350. Most likely, the asset will continue trading downwards to update the lows again. In this case, the downside target is at 1.3165.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the uptrend continues. By now, AUDUSD has formed a Harami pattern; at the moment, the pair is reversing. The downside target may be the rising channel’s downside border at 0.7133. Later, the price may rebound from the support level and resume the rising tendency. In this case, the upside target will be at 0.7235. At the same time, one shouldn’t exclude another scenario, which implies that the instrument may continue growing without correcting towards the support area.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair keeps testing the support area. At the moment, USDCHF is reversing after forming an Engulfing pattern. The downside target is at 0.9040. Still, there might be an alternative scenario, according to which the asset may rebound from the support level and correct towards 0.9175.