Japanese Candlesticks Analysis 25.01.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Shooting Star, close to the resistance level, USDCAD is reversing and may form a new descending impulse. In this case, the downside target may be the support area at 1.2540. However, an alternative scenario implies that the asset may grow to reach 1.2720 before resuming its descending tendency.

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 and starting a new growth. In this case, the upside target may be the resistance level at 0.7180. 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 0.7090 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 and Engulfing. 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 0.9200. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9130 before resuming its ascending tendency.