Japanese Candlesticks Analysis 05.02.2021 (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 is correcting again and may later continue growing towards 1.2910. After that, the asset may form another ascending impulse. However, an alternative scenario implies a further pullback towards 1.2750 before the asset resumes the rising tendency.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the downtrend continues. Right now, after forming several reversal patterns, such as Harami, during the pullback not far from the resistance area, the pair may reverse and resume falling to reach the support area at 0.7565. At the same time, an opposite scenario says that the price may grow towards 0.7655 before resuming its decline.
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 0.8975. Still, there might be an alternative scenario, according to which the asset may start a new growth towards 0.9075 without falling and testing the support area.