Japanese Candlesticks Analysis 17.05.2022 (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 1.2930. However, an alternative scenario implies that the asset may fall to rebound from the support level at 1.2770 first and then resume the ascending tendency.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Hammer reversal pattern near the support area. At the moment, the asset is reversing and starting a new ascending impulse. In this case, the upside target may be the resistance level at 0.7060. After testing the level, the price may rebound from it and resume the descending tendency. At the same time, an opposite scenario implies that the price may fall to reach 0.6880 and continue the downtrend without testing the resistance level.

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 0.9950. After testing the support level, the price may rebound from it and resume trading upwards. Still, there might be an alternative scenario, according to which the asset may grow to reach 1.0115 without any pullbacks.