Japanese Candlesticks Analysis 28.02.2020 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair has broken the rising channel’s upside border. Right now, USDCAD is still moving upwards and may form a reversal pattern near the resistance level, which may be followed by a slight correction. The current situation implies that after the pullback the price may resume growing towards 1.3505. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may start a new decline to return to 1.3357.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the pair continues the descending tendency. After updating the lows, AUDUSD is still moving downwards. Right now, there are two possible scenarios. The first one implies that AUDUSD may finish a slight correction and then fall to test 0.6490. The other scenario suggests that the instrument may form a more significant correction with the target at 0.6615. The current situation implies that the first scenario is more probable.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after finishing a slight pullback within the descending tendency, USDCHF has formed a Harami reversal pattern close to the support level. The current situation suggests that the pair may reverse, form a slight correction, and then continue the descending tendency with the target at 0.9630. However, one shouldn’t ignore another scenario, according to which the instrument may return to 0.9740 without testing 0.9630.