Japanese Candlesticks Analysis 05.05.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Hammer reversal pattern close to the support level, USDCAD is reversing in the form of a new ascending impulse. In this case, the upside target may be at 1.2870. However, an alternative scenario implies that the asset may fall to rebound from 1.2680 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, such as Harami, near the resistance area. At the moment, the asset is reversing and starting a new descending impulse. In this case, the downside target may be the support level at 0.7150. After testing the level, the price may break it and continue the descending tendency. At the same time, an opposite scenario implies that the price may correct to reach 0.7320 before resuming the downtrend.



USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed a 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 0.9885. After testing the resistance level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9680 and then resume the ascending tendency.



Source: Roboforex

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