Japanese Candlesticks Analysis 16.07.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset continues the correction. After forming a Shooting Star pattern close to the resistance level, USDCAD is reversing and may start a new decline towards the support area at 1.2510. After testing this level, the price may rebound from it and resume its ascending tendency. However, an alternative scenario implies that the asset may continue growing to reach 1.2645 without correcting towards the support area.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Hammer, not far from the support level. At the moment, the asset is reversing in the form of a new correction within the descending channel. In this case, the upside target may be the resistance area at 0.7480. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7373 and continue the descending tendency without testing the channel’s upside border.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset continues trading sideways. By now, the pair has formed several reversal patterns, for example, Engulfing and Inverted Hammer, close to the support area. At the moment, USDCHF may reverse and start new growth. In this case, the upside target may be the resistance level at 0.9230. Still, there might be an alternative scenario, according to which the asset may break the support area and correct towards 0.9100 before resuming its ascending tendency.