Japanese Candlesticks Analysis 27.01.2020 (USDCAD, AUDUSD)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the sideways movement was followed by a slight growth. By now, the pair has reversed after forming Hanging Man pattern. The current situation implies that USDCAD may continue growing to test 1.3185 and then resume trading downwards to reach 1.3088 to continue forming the ascending channel.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the pair has completed another decline: it has formed several reversal patterns, such as Hammer, not far from the support level. Right now, AUDUSD is starting to reverse; the upside target may be at 0.6870. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may continue falling towards 0.6777.