Japanese Candlesticks Analysis 03.03.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Hanging Man reversal pattern not far from the resistance level and reversing, USDCAD has reached the channel’s upside border. In this case, after the correction, the price may resume falling to reach the next downside target at 1.2450. After that, the asset may continue forming the descending impulse. However, an alternative scenario implies a further uptrend towards 1.2725 before the asset resumes the descending tendency.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is forming another pullback within the uptrend. Right now, after forming several reversal patterns, such as Long-Legged Doji, not far from the resistance area, the pair may reverse and resume falling to reach the support level at 0.7760. After testing it, the instrument may resume its growth to reach the upside target at 0.7960.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the uptrend continues. At the moment, after forming a Harami reversal pattern during the pullback, USDCHF is reversing. The upside target is the resistance level at 0.9250. Still, there might be an alternative scenario, according to which the asset may fall to return to 0.9085 before resuming its ascending dynamics.