Japanese Candlesticks Analysis 15.02.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Hammer reversal pattern close to the support level, USDCAD is reversing and may form a new ascending impulse. In this case, the upside target may be the resistance area at 1.2820. However, an alternative scenario implies that the asset may correct to reach 1.2710 first and then resume trading upwards.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Shooting Star reversal pattern near the resistance area. At the moment, the asset is reversing and starting a new decline. In this case, the downside target may be the support level at 0.7020. After testing the level, the price may break it and continue the descending impulse. At the same time, an opposite scenario implies that the price may grow to reach 0.7180 before resuming the downtrend.

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 and Harami. At the moment, USDCHF is reversing and correcting within the sideways channel. After the pullback is over, the asset may resume growing. In this case, the upside target may be at 0.9300. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9210 before resuming its ascending tendency.