Japanese Candlesticks Analysis 05.10.2022 (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 in the form of a new rising wave. In this case, the upside target may be at 1.3700. Later, the market may break the resistance area and continue growing. However, an alternative scenario implies that the asset may correct to reach 1.3455 first and then resume the uptrend.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Harami reversal pattern near the support area. At the moment, the asset is reversing in the form of a new correctional structure. In this case, the upside correctional target may be the resistance level at 0.6565. After testing the level, the price may rebound from it and start a new decline. At the same time, the opposite scenario implies that the price may fall to reach 0.6350 and continue the downtrend without testing the resistance level.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair has formed a Hammer reversal pattern not far from the support area. At the moment, USDCHF may reverse in the form of a new ascending wave. In this case, the upside target may be the resistance level at 0.9925. After testing this level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, in which the asset may correct to reach 0.9750 first and then resume the ascending tendency.