Japanese Candlesticks Analysis 21.07.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the asset continues the correction. After forming a Shooting Star pattern close to the channel’s upside border, USDCAD is reversing and may start a new decline towards the support area at 1.2650. After testing this level, the price may rebound from it and resume its ascending tendency. However, an alternative scenario implies that the asset may continue growing to reach 1.2830 without correcting towards the support area.



Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Hammer, not far from the support level. At the moment, the asset is reversing in the form of a new correction within the descending channel. In this case, the upside target may be the resistance area at 0.7335. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7255 and continue the descending tendency without any corrections.

AUDUSD

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset continues trading upwards. By now, the pair has formed several reversal patterns, for example, Shooting Star, close to the resistance area. At the moment, USDCHF may reverse and start a new pullback. In this case, the correctional target may be the support level at 0.9190. Still, there might be an alternative scenario, according to which the asset may break the resistance area and grow towards 0.9245 without reversing and correcting.

USDCHF

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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Source: RoboForex


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