Japanese Candlesticks Analysis 17.03.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming an Inverted Hammer reversal pattern close to the support level, USDCAD is reversing and may form a new rising impulse. In this case, the upside target may be at 1.2780. However, an alternative scenario implies that the asset may correct to rebound from 1.2650 and then resume trading upwards.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed an Inverted Hammer reversal pattern near the support area. At the moment, the asset is reversing and starting a new growth. In this case, the upside target may be the resistance level at 0.7380. After testing the level, the price may break it and continue the ascending impulse. At the same time, an opposite scenario implies that the price may correct to rebound from the support area at 0.7250 and resume the uptrend.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the resistance area, the pair has formed a Shooting Star 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 0.9355. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.9470 and continue the ascending tendency without correcting towards the support level.