Japanese Candlesticks Analysis 18.09.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the sideways tendency continues; right now, the asset is testing the support area and forming reversal patterns, such as Hammer and Harami. Later, the market is likely to rebound from the area and resume trading upwards to reach the resistance level. In this case, the upside target may be at 1.3250. However, an alternative scenario implies that the instrument may fall and return to 1.3080.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the uptrend continues. Right now, the pair is expected to correct from the resistance level with the target at the support area at 0.7220. Later, the price may finish the correction and resume growing to reach the resistance area at 0.7390. At the same time, the opposite scenario says that the asset may continue trading upwards without forming any serious corrections.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the downtrend continues. By now, USDCHF has formed an Engulfing pattern not far from the channel’s upside border. At the moment, the pair is correcting, after completing the correction, the instrument may resume falling towards the support area at 0.9010. Still, there might be an alternative scenario, according to which the asset may grow towards 0.9125 before resuming the downtrend.