Japanese Candlesticks Analysis 04.04.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Harami reversal pattern close to the resistance level, USDCAD is reversing in the form of a new descending impulse. In this case, the downside target may be at 1.2430. However, an alternative scenario implies that the asset may correct to rebound from the resistance level at 1.2555 and then resume the downtrend.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, during the pullback, AUDUSD has formed a Harami reversal pattern near the support area. At the moment, the asset is reversing and starting a new rising impulse. In this case, the upside target may be the resistance level at 0.7595. After testing the level, the price may break it and continue the ascending impulse. At the same time, an opposite scenario implies that the price may correct to reach 0.7480 before resuming the uptrend.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed a Hammer pattern. At the moment, USDCHF is reversing in the form of a new ascending impulse. In this case, the upside target may be at 0.9330. After testing the resistance level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9235 first and then resume the ascending tendency.