Japanese Candlesticks Analysis 29.08.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Hanging Man reversal pattern close to the resistance level, USDCAD may reverse in the form of a new descending impulse. In this case, the downside correctional target may be at 1.2990. Later, the market may rebound from this level and resume growing. However, an alternative scenario implies that the asset may continue growing to reach 1.3125 without any pullbacks down to the support area.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed an Inverted Hammer reversal pattern near the support area. At the moment, the asset is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance level at 0.6970. After testing the level, the price may break it and continue the ascending tendency. At the same time, the opposite scenario implies that the price may correct to reach 0.6825 and continue the uptrend only after the pullback down to support area.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed a Hammer reversal pattern. At the moment, USDCHF may reverse in the form of a new ascending impulse. In this case, the upside target may be the resistance level at 0.9750. After testing this level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, in which the asset may correct to reach 0.9621 and continue the ascending tendency only after the pullback.