Japanese Candlesticks Analysis 25.07.2022 (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 Doji and Hammer, USDCAD may reverse in the form of another ascending impulse. In this case, the upside target may be the resistance area at 1.3070. Later, the market may break this level and continue growing. However, an alternative scenario implies that the asset may correct to reach 1.2870 and continue the uptrend only after the pullback.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Shooting Star reversal pattern near the resistance area. At the moment, the asset is reversing in the form of a new descending impulse. In this case, the downside target may be the support level at 0.6835. After testing the level, the price may break it and continue the descending tendency. At the same time, the opposite scenario implies that the price may correct to reach 0.6970 and continue the downtrend only after the pullback.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed an Inverted Hammer reversal pattern. At the moment, USDCHF may reverse in the form of a new rising impulse. In this case, the upside target may be at 0.9695. After testing the resistance 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 0.9585 and continue the ascending tendency only after correcting down to the support area.