Japanese Candlesticks Analysis 27.08.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset is correcting. After forming a Harami pattern close to the resistance level, USDCAD may reverse and form a new pullback towards the channel’s downside border. In this case, the correctional target may be the support area at 1.2610. However, an alternative scenario implies that the asset may continue growing to reach 1.2790 without testing the support area.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, while testing the channel’s upside border, AUDUSD has formed several reversal patterns, such as Harami. At the moment, the asset is reversing. In this case, the downside target may be at 0.7155. At the same time, an opposite scenario implies that the price may return to the resistance area at 0.7275 first and then resume trading downwards.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset is finishing another correction. By now, the pair has formed several reversal patterns, for example, Hammer and Harami, close to the channel’s downside border. At the moment, USDCHF is reversing and may later grow towards the resistance level. In this case, the upside target may be at 0.9220. Still, there might be an alternative scenario, according to which the asset may correct towards 0.9130 first and then resume trading upwards.