Japanese Candlesticks Analysis 15.01.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair is forming another correctional wave. Right now, after forming a Harami reversal pattern not far from the support level, USDCAD may reverse in the form of another pullback. Later, the asset may continue falling within the descending channel. In this case, the downside target will be at 1.2585. However, an alternative scenario implies a more significant correction towards the channel’s upside border at 1.2765 before the instrument resumes its decline.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is correcting again. Right now, after forming several reversal patterns, such as Harami, not far from the resistance area, the pair may reverse and resume falling to reach the support area at 0.7720. At the same time, an opposite scenario says that the price may grow to reach 0.7835 without correcting towards the support level.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the correction within the downtrend continues. At the moment, after forming several reversal patterns, such as Engulfing, not far from the resistance area, USDCHF is reversing and may continue the descending tendency. In this case, the downside target may be the next support area at 0.8830. Still, there might be an alternative scenario, according to which the asset may grow to return to 0.8915 before testing the support area.