Japanese Candlesticks Analysis 17.12.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the descending tendency continues. Right now, after forming several reversal patterns, such as Hammer, not far from the support level, USDCAD has reversed in the form of another correction and may later continue falling within the descending channel. in this case, the downside target will be at 1.2635. However, an alternative scenario implies that the price may start a new pullback to return to 1.2825 before resuming the downtrend.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after forming a Shooting Star pattern and reversing, AUDUSD continues growing within the rising channel. In this case, the upside target will be the next resistance level at 0.7660. At the same time, an opposite scenario says that the price may continue falling to return to 0.7545 before resuming its growth.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking the descending channel’s downside border and forming several reversal patterns, such as Doji, not far from the support area, USDCHF may later resume the descending tendency. In this case, the next downside target may be the support area at 0.8790. Still, there might be an alternative scenario, according to which the asset may return to 0.8930 before resuming its decline.