Japanese Candlesticks Analysis 21.05.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns during the pullback, including Harami, USDCAD may reverse and start a new decline towards 1.1990. After testing this level, the price may break it and continue its descending tendency. However, an alternative scenario implies that the asset may correct to reach the resistance level at 1.2180 before further decline.

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 favor of the ascending tendency. In this case, the upside target may be the resistance area at 0.7840. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7725, rebound from it, and then resume trading upwards.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset is testing the support area once again, where it has formed a Doji reversal pattern. At the moment, USDCHF may reverse and start a new pullback. In this case, the correctional target may be the resistance level at 0.9010. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8930 without reversing and correcting.