Japanese Candlesticks Analysis 09.03.2022 (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 is reversing and may form a new correctional impulse. In this case, the downside correctional target may be at 1.2845. However, an alternative scenario implies that the asset may grow to break the resistance level at 1.2945 and then continue trading upwards.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, during the pullback, AUDUSD has formed a Hammer reversal pattern near the support area. At the moment, the asset is reversing and starting a new growth. In this case, the upside target may be the resistance level at 0.7340. After testing the level, the price may break it and continue the ascending impulse. At the same time, an opposite scenario implies that the price may correct to reach 0.7240 before resuming the uptrend.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the resistance level, the pair has formed several reversal patterns, for example, Hanging Man. At the moment, USDCHF is reversing in the form of a new descending impulse. In this case, the downside correctional target may be at 0.9265. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.9330 and continue the ascending tendency without testing the support area.