Japanese Candlesticks Analysis 16.08.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset is completing the correction. After forming several reversal patterns, such as Inverted Hammer, close to the support level, USDCAD may reverse and resume growing towards the resistance area at 1.2600. However, an alternative scenario implies that the asset may continue falling to reach 1.2460 before resuming its growth.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Harami reversal pattern not far from the resistance level. At the moment, the asset may reverse in the form of a new decline. In this case, the downside target may be at 0.7280. At the same time, an opposite scenario implies that the price may grow to reach the resistance level at 0.7375 and before continuing its descending tendency.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the correction continues. By now, the pair has formed several reversal patterns, for example, Hammer, close to the support area. At the moment, USDCHF may reverse and grow towards the resistance level. In this case, the upside target may be at 0.9225. Still, there might be an alternative scenario, according to which the asset may correct towards 0.9130 first and then resume trading upwards.