Japanese Candlesticks Analysis 17.01.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Engulfing, close to the support level, USDCAD is reversing and may form a new correctional impulse. In this case, the upside target may be the resistance area at 1.2605. However, an alternative scenario implies that the asset may continue falling to reach 1.2425 without forming any serious corrections.

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 may start a new growth. In this case, the upside target may be the resistance level at 0.7275. After testing the level, the price may break it and continue the ascending tendency. At the same time, an opposite scenario implies that the price may correct to reach 0.7175 first and then resume its 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 may reverse in the form of a new rising wave towards the resistance level. In this case, the upside target may be at 0.9290. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9100 before resuming its ascending tendency.