Japanese Candlesticks Analysis 30.01.2020 (USDCAD, AUDUSD)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after completing another growth and forming Shooting Star pattern, the pair has reversed. The current situation implies that USDCAD may form a slight correction and then resume growing towards 1.3240. after that, the instrument may start a new decline to reach 1.3153 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 channel’s downside border. Right now, AUDUSD is starting to reverse; the upside target may be at 0.6800. However, we shouldn’t ignore an alternative scenario, which implies that the instrument may continue falling towards 0.6688 without reversing and forming another rising wave.