Japanese Candlesticks Analysis 22.03.2022 (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 rising impulse. In this case, the upside target may be at 1.2640. However, an alternative scenario implies that the asset may fall to rebound from the support level at 1.2530 and then resume trading upwards.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Hanging Man reversal pattern near the resistance area. At the moment, the asset is reversing and starting a new pullback. In this case, the downside correctional target may be the support level at 0.7355. After testing the level, the price may rebound from it and resume the ascending impulse. At the same time, an opposite scenario implies that the price may grow to reach 0.7475 and continue the uptrend without testing the support level.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed a Hammer pattern. At the moment, USDCHF is reversing in the form of a new ascending impulse. In this case, the upside target may be at 0.9440. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9320 first and then resume the ascending tendency after rebounding from the support area.