Japanese Candlesticks Analysis 08.07.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset continues growing. After forming Engulfing and Hammer patterns close to the support level, USDCAD is reversing and may start a new growth towards 1.2600. After testing this level, the price may break it and continue its ascending tendency. However, an alternative scenario implies that the asset may correct to reach 1.2435 before resuming its growth.

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 is reversing in the form of a new decline. In this case, the downside target may be the support area at 0.7390. At the same time, an opposite scenario implies that the price may grow to return to the resistance level at 0.7515 before further decline.

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 and Engulfing. At the moment, USDCHF may reverse and start new growth. In this case, the upside target may be the resistance level at 0.9305. Still, there might be an alternative scenario, according to which the asset may correct towards 0.9200 before resuming its ascending tendency.