Japanese Candlesticks Analysis 08.07.2019 (USDCAD, AUDUSD)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is still testing the support level while trading downwards; by now, it has formed Long-Legged Doji and several other reversal patterns, which indicate a strong signal. Possibly, the price may rebound from the support level and start a new growth with the target at 1.3225. However, we shouldn’t ignore a possibility that the instrument may move sideways without reversing, break the support level, and continue its decline to reach 1.3000.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed Shooting Star reversal pattern while testing the channel’s upside border. Right now, the price is reversing and forming another correction towards the resistance level. The current situation implies that the instrument may rebound to resume falling towards 0.6835 and continue forming the descending channel. However, we shouldn’t ignore a possibility that the instrument may break the resistance level and continue growing to reach 0.7065.