Japanese Candlesticks Analysis 15.02.2021 (USDCAD, AUDUSD, USDCHF)
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming an Engulfing 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 1.2610. 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, the uptrend continues. Right now, after forming several reversal patterns, such as Engulfing, 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 0.7755 before resuming its growth.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the downtrend continues. At the moment, after forming an Engulfing reversal pattern not far from the resistance area, USDCHF is reversing. The downside target is the support level at 0.8850. Still, there might be an alternative scenario, according to which the asset may return to 0.8960 before testing the support area.