Japanese Candlesticks Analysis 07.08.2023 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD has formed a Shooting Star reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1.3340. Next, the price might rebound from the support and continue the uptrend. However, the quotes could rise to 1.3420 without a correction.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 0.6670. Upon testing the resistance, the quotes might break it and develop the uptrend further. However, the price could drop to 0.6515 before rising.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has formed a Harami reversal pattern on H4 while pulling back. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 0.8835. Upon testing the resistance, the price could rebound from it and develop a downtrend. However, the quotes could drop to 0.8685 without testing the resistance level.