Japanese Candlesticks Analysis 10.10.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Shooting Star reversal pattern close to the resistance level, USDCAD may reverse in the form of a new descending wave. In this case, the downside correctional target may be at 1.3665. Later, the market may rebound from the support area and resume trading upwards. However, an alternative scenario implies that the asset may continue growing to reach 1.3850 without any pullbacks.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed an Engulfing reversal pattern near the resistance area. At the moment, the asset is reversing in the form of a new descending structure. In this case, the downside target may be the support level at 0.6255. After testing the level, the price may break it and continue the descending wave. At the same time, the opposite scenario implies that the price may correct to reach 0.6380 first and then resume the downtrend.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair has formed a Hanging Man reversal pattern not far from the resistance area. At the moment, USDCHF may reverse in the form of a new descending wave. In this case, the downside correctional target may be the support level at 0.9890. After testing this level, the price may rebound from it and resume trading upwards. Still, there might be an alternative scenario, in which the asset may continue growing to reach 1.0025 without any pullbacks.