Japanese Candlesticks Analysis 10.02.2021 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming a Harami reversal pattern not far from the resistance level, USDCAD is reversing and falling towards the support level. In this case, the downside target is at 1.2620. After that, the asset may continue forming the descending impulse. However, an alternative scenario implies a further pullback towards 1.2780 before the asset resumes the descending tendency.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the uptrend continues. 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 level at 0.7798. At the same time, an opposite scenario says that the price may correct towards 0.7650 before resuming its growth.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correction within the uptrend continues. At the moment, after forming several reversal patterns, such as Hanging Man, not far from the resistance area, USDCHF is reversing. The correctional target is the support level at 0.8855. Later, the asset may complete the correction and resume the ascending tendency. In this case, the upside target may be the resistance area at 0.9000.