Japanese Candlesticks Analysis 24.08.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns close to the support level, such as Inverted Hammer, USDCAD may reverse in the form of a new ascending impulse. In this case, the upside target may be at 1.3045. Later, the market may break this level and continue growing. However, an alternative scenario implies that the asset may correct to reach 1.2935 first and then resume the uptrend.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns near the support area, for example, Hammer. At the moment, the asset is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance level at 0.6975. After testing the level, the price may break it and continue the ascending tendency. At the same time, the opposite scenario implies that the price may correct to reach 0.6865 and continue the uptrend only after the pullback.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the resistance area, the pair has formed an Engulfing reversal pattern. At the moment, USDCHF may reverse in the form of a new descending impulse. In this case, the downside target may be at 0.9625. After testing the support level, the price may rebound from it and resume trading upwards. Still, there might be an alternative scenario, in which the asset may grow to reach 0.9745 and continue the ascending tendency only after the pullback.