Japanese Candlesticks Analysis 16.03.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset is still moving sideways. After forming a Hammer reversal pattern not far from the support level, USDCAD may reverse and correct towards the resistance area at 1.2555. After the correction, the price may resume falling to reach the next downside target at 1.2425. After that, the asset may continue forming the descending impulse.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, not far from the support area, the pair may reverse and resume growing to reach the resistance level at 0.7925. After testing it, the instrument may continue moving upwards. At the same time, an opposite scenario implies that the price may correct towards the next support level at 0.7645 before resuming its growth.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the correction within the uptrend continues. At the moment, after forming a Harami reversal pattern not far from the resistance area, USDCHF is reversing and correcting. In this case, the correctional target is the support level at 0.9220. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 0.9400 without testing the rising channel’s downside border.