Japanese Candlesticks Analysis 28.01.2021 (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 a Shooting Star reversal pattern not far from the resistance level, USDCAD may reverse in the form of another correctional wave towards the support area at 1.2720. Later, the asset may resume growing. In this case, the upside target will be at 1.2910. However, an alternative scenario implies a further growth towards 1.2910 without reversing and correcting.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD is forming a new 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 0.7740. At the same time, an opposite scenario says that the price may fall to return to 0.7595 without testing the resistance area.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correction within the downtrend continues. At the moment, after forming several reversal patterns, such as Shooting Star, not far from the resistance area, USDCHF is correcting. Later, the asset may complete the correction and resume the descending tendency. In this case, the downside target may be the next support area at 0.8845. Still, there might be an alternative scenario, according to which the asset may start a new pullback towards 0.8930 before failing to test the support area.