Japanese Candlesticks Analysis 18.11.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair is still correcting within the descending tendency. Right now, after forming a Shooting Star pattern, USDCAD is reversing and correcting. Later, the market may resume trading downwards. The downside target remains at 1.2900. However, an alternative scenario implies that the price may start a new growth to return to 1.3210 before resuming the downtrend.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD continues reversing after completing a Hammer pattern. Right now, the pair is correcting and testing the rising channel’s downside border. Possibly, the asset may rebound and resume moving upwards. In this case, the upside target will be the next resistance level at 0.7400. At the same time, an opposite scenario says that the price may continue falling towards 0.7225 before resuming its growth.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset continues forming the descending tendency. After forming several reversal patterns, such as Shooting Star, not far from the channel’s upside border, USDCHF is expected to reverse and resume the descending tendency. In this case, the next downside target may be the support area at 0.9020. Later, the market may continue falling to reach the descending channel’s downside border. Still, there might be an alternative scenario, according to which the asset may return to 0.9155 before resuming its decline.