WIKIFX REPORT: Japanese Candlesticks Analysis 20.07.2022 (USDCAD, AUDUSD, USDCHF)
Abstract：Japanese Candlesticks are a technical analysis tool that traders use to chart and analyze the price movement of securities. Below are the recent analysis for some pairs:
USDCAD, “US Dollar vs Canadian Dollar”
As we can see in the H4 chart, after forming a Doji reversal pattern close to the support level, USDCAD may reverse in the form of another ascending impulse. In this case, the upside target may be the resistance area at 1.2940. Later, the market may break this level and continue to grow. However, an alternative scenario implies that the asset may correct to reach 1.2805 and continue the uptrend only after the pullback.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, AUDUSD has formed a Hanging Man reversal pattern near the resistance area. At the moment, the asset is reversing in the form of a new descending impulse. In this case, the downside target may be the support level at 0.6855. After testing the level, the price may break it and continue the descending tendency. At the same time, the opposite scenario implies that the price may correct to reach 0.6960 and continue the downtrend only after the pullback.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after testing the support area, the pair has formed several reversal patterns; for example, Hammer. At the moment, USDCHF may reverse in the form of a new rising impulse. In this case, the upside target may be at 0.9755. 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 0.9635 and continue the ascending tendency only after correcting down to the support area.
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