Japanese Candlesticks Analysis 24.03.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Shooting Star, not far from the resistance level, USDCAD may reverse and fall towards the support area. In this case, the downside target is at 1.2500. After testing the support area, the price may continue its descending tendency. However, an alternative scenario implies a further uptrend to test the resistance level at 1.2670 before the asset resumes its decline.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, during the pullback, AUDUSD has formed several reversal patterns, such as Harami, not far from the resistance area. At the moment, the downside target is the support area at 0.7520. At the same time, an opposite scenario implies that the price may correct towards the resistance level at 0.7730 before resuming its descending tendency.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the uptrend continues. At the moment, after forming a Doji reversal pattern not far from the resistance area, USDCHF may reverse and resume falling. In this case, the downside target is the support level at 0.9250. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.9410 without reversing and correcting.