Japanese Candlesticks Analysis 05.07.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset continues trading close to the support level, where it has formed several reversal patterns, including Hammer. At the moment, USDCAD may reverse and start a new growth towards 1.2460. After testing this level, the price may break it and continue its ascending tendency. However, an alternative scenario implies that the asset may fall to reach 1.2305 without reversing and correcting.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Harami, not far from the resistance level. At the moment, the asset may reverse in the form of a new decline. In this case, the downside target may be the support area at 0.7425. At the same time, an opposite scenario implies that the price may grow towards the resistance level at 0.7555 without reversing and correcting.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset is rebounding from the support area, where it has formed several reversal patterns, for example, Harami. At the moment, USDCHF may reverse and start new growth. In this case, the upside target may be the resistance level at 0.9285. Still, there might be an alternative scenario, according to which the asset may correct towards 0.9185 before resuming its growth.