Japanese Candlesticks Analysis 02.02.2021 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, the ascending tendency continues. Right now, after forming an Engulfing reversal pattern not far from the support level, USDCAD may reverse in the form of another rising wave towards 1.2910. Later, the asset may continue growing. However, an alternative scenario implies a further pullback towards 1.2750 before the asset resumes growing.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is still forming the descending impulse. Right now, 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 area at 0.7690. At the same time, an opposite scenario says that the price may fall to return to 0.7580 without testing the resistance area.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the uptrend continues. At the moment, after forming several reversal patterns, such as Hanging Man, not far from the resistance area, USDCHF is correcting. Later, the asset may complete the correction and resume the ascending tendency. The correctional target may be the support area at 0.8880. Still, there might be an alternative scenario, according to which the asset may start a new growth towards 0.9000 without falling and testing the support area.