Japanese Candlesticks Analysis 20.10.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Engulfing, 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 1.2445. However, an alternative scenario implies that the asset may continue falling to reach 1.2265 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 may reverse and start a new pullback. In this case, the correctional target may be at 0.7430. At the same time, an opposite scenario implies that the price may continue growing towards 0.7535 without reversing and forming any corrections.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the rising channel’s downside border once again, the pair has formed several reversal patterns, for example, Hammer. At the moment, USDCHF is reversing and may later start a new growth towards the resistance level. In this case, the upside target may be at 0.9285. Still, there might be an alternative scenario, according to which the asset may return to 0.9200 first and then resume its ascending tendency.