Japanese Candlesticks Analysis 06.01.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Engulfing, close to the support level, USDCAD is reversing and may resume trading upwards. In this case, the upside target may be the resistance area at 1.2900. However, an alternative scenario implies that the asset may correct to reach 1.2745 before resuming its ascending tendency.

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 in the form of another pullback. In this case, the downside correctional target may be the support level at 0.7100. After testing the level, the price may rebound from it and resume the ascending tendency. The upside target is at 0.7210.

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, Inverted Hammer. At the moment, USDCHF may reverse in the form of a new rising wave towards the resistance level. In this case, the upside target may be at 0.9235. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9160 before resuming its ascending tendency.