Japanese Candlesticks Analysis 26.02.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Hammer reversal pattern not far from the support level and reversing, USDCAD has reached the channel’s upside border. In this case, the next downside target is at 1.2440. After that, the asset may continue forming the descending impulse. However, an alternative scenario implies a further uptrend towards 1.2680 before the asset resumes the descending tendency.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is about to complete the correction within the uptrend. Right now, after forming several reversal patterns, such as Harami, not far from the resistance area, the pair may reverse and resume falling to reach the support level at 0.7790. After testing it, the instrument may resume its growth to reach the upside target at 0.8010.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the correction within the uptrend continues. At the moment, after forming several reversal patterns, such as Shooting Star, not far from the resistance area, USDCHF is reversing. The downside target is the support level at 0.9015. Still, there might be an alternative scenario, according to which the asset may grow towards 0.9100 without reversing and correcting.