Japanese Candlesticks Analysis 09.12.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Inverted Hammer, close to the support level, USDCAD may reverse in the form of another rising wave. In this case, the upside target may be the resistance area at 1.2770. However, an alternative scenario implies that the asset may continue falling to reach 1.2595 first and then resume trading upwards.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Harami, near the channel’s upside border. At the moment, the asset may reverse in the form of another descending impulse. In this case, the downside target may be the support area at 0.7155. At the same time, an opposite scenario implies that the price may continue growing to reach 0.7235 before resuming its descending tendency.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed several reversal patterns, for example, Hammer. At the moment, USDCHF is reversing in the form of a new rising wave towards the resistance level. In this case, the upside target may be at 0.9285. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.9150 before resuming its ascending tendency.