Japanese Candlesticks Analysis 17.12.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Inverted Hammer, close to the support level, USDCAD may reverse in the form of another rising wave. In this case, the upside target may be the resistance area at 1.2900. However, an alternative scenario implies that the asset may correct to reach 1.2740 first and then resume trading upwards.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Hammer reversal pattern near the support area. At the moment, the asset is reversing in the form of another rising impulse. In this case, the upside target may be the resistance level at 0.7290. At the same time, an opposite scenario implies that the price may continue falling to reach 0.7090 before resuming its ascending tendency.

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 0.9275. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.9155 before resuming its growth.