Japanese Candlesticks Analysis 18.02.2021 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming a Shooting Star reversal pattern not far from the resistance level, USDCAD is reversing and may fall towards the support level. In this case, the downside target remains at 1.2610. After that, the asset may continue forming the descending impulse. However, an alternative scenario implies a further pullback towards 1.2755 before the asset resumes the descending tendency.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is about to resume the uptrend after another correction. Right now, after forming several reversal patterns, such as Harami, not far from the support area, the pair may reverse and resume growing to reach the resistance level at 0.7830. At the same time, an opposite scenario says that the price may correct towards 0.7710 before resuming its growth.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the uptrend continues. At the moment, after forming a Hammer reversal pattern not far from the support area, USDCHF is reversing. The upside target is the resistance level at 0.9035. Still, there might be an alternative scenario, according to which the asset may correct towards 0.8940 before testing the resistance area.