Japanese Candlesticks Analysis 15.10.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the correction within the descending tendency continues. Right now, after testing the support area and forming several reversal patterns, such as Hammer and Inverted Hammer, USDCAD is expected to reverse and correct towards 1.3180. After completing the pullback, the instrument may resume falling to reach the first downside target at 1.3060.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after completing another correction and testing the channel’s upside border, the pair is rebounding from the resistance area and may later resume trading downwards to reach the support area at 0.7055. At the same time, an opposite scenario says that the price may grow to reach 0.7210 before resuming its decline.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking the rising channel’s downside border and forming several reversal patterns, such as Engulfing, close to the horizontal support level, USDCHF is reversing. In this case, the upside target may be the resistance area at 0.9110. Still, there might be an alternative scenario, according to which the asset may fall and return to the support level at 0.9090.