Japanese Candlesticks Analysis 28.10.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Harami, close to the support level, USDCAD may reverse in the form of a new correctional impulse. In this case, the correctional target may be the resistance area at 1.2424. However, an alternative scenario implies that the asset may continue falling to reach 1.2250 without reversing and correcting.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Shooting Star reversal pattern while testing the resistance level. At the moment, the asset is reversing in the form of another pullback. In this case, the correctional target may be at 0.7475. At the same time, an opposite scenario implies that the price may continue growing towards 0.7590 without testing the support area.

USDCHF

As we can see in the H4 chart, after testing the support area once again, the pair has formed several reversal patterns, for example, Inverted Hammer. At the moment, USDCHF is reversing in the form of a new correctional wave towards the resistance level. In this case, the upside target may be at 0.9200. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.9120 without correcting towards the resistance level.