Japanese Candlesticks Analysis 13.10.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Hanging Man 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 1.3745. 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 1.3980 without any pullbacks.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Hammer reversal pattern near the support area. At the moment, the asset is reversing in the form of a new ascending impulse. In this case, the upside correctional target may be the resistance level at 0.6360. After testing the level, the price may rebound from it and resume the descending wave. At the same time, the opposite scenario implies that the price may continue falling to reach 0.6215 without any pullbacks.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair has formed a Harami reversal pattern not far from the support area. At the moment, USDCHF may reverse in the form of a new ascending wave. In this case, the upside target may be the resistance level at 1.0060. After testing this level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, in which the asset may correct to reach 0.9940 first and then resume the uptrend.