Japanese Candlesticks Analysis 07.02.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Harami, close to the resistance level, USDCAD is reversing and may form a new descending impulse. In this case, the downside target may be the support area at 1.2670. However, an alternative scenario implies that the asset may grow to reach 1.2800 without testing the support area.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed an Inverted Hammer reversal pattern near the support area. At the moment, the asset is reversing and starting a new pullback. In this case, the upside correctional target may be the resistance level at 0.7160. After testing the level, the price may rebound from it and resume the descending impulse. At the same time, an opposite scenario implies that the price may fall to reach 0.6995 without any pullbacks.

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 and Harami. At the moment, USDCHF is reversing in the form of a new rising wave. In this case, the upside target may be at 0.9300. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9200 before resuming its ascending tendency.