Japanese Candlesticks Analysis 03.03.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Harami reversal pattern close to the support level, USDCAD is reversing and may form a new ascending impulse. In this case, the upside target may be the resistance area at 1.2700. However, an alternative scenario implies that the asset may fall to reach 1.2580, rebound from it, and then resume trading upwards.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, during the pullback, AUDUSD has formed a Hammer reversal pattern near the support area. At the moment, the asset is reversing and starting a new growth. In this case, the upside target may be the resistance level at 0.7360. After testing the level, the price may break it and continue the ascending impulse. At the same time, an opposite scenario implies that the price may correct to reach 0.7260 before resuming the uptrend.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed several reversal patterns, for example, Hammer. At the moment, USDCHF is reversing in the form of a new ascending impulse. In this case, the upside target may be at 0.9265. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9170 first and then resume growing.