WIKIFX REPORT: Japanese Candlesticks Analysis 07.06.2022 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

It can be seen in the H4 chart, after forming several reversal patterns, such as Engulfing, close to the support level, USDCAD is reversing in the form of another ascending impulse. In this case, the upside target may be at 1.2670. However, an alternative scenario implies that the asset may fall to break the support level at 1.2510 and continue the descending tendency without any pullbacks towards the resistance area.

AUDUSD, “Australian Dollar vs US Dollar”

We can easily observe in the H4 chart, AUDUSD has formed an Inverted Hammer reversal pattern near the support area. At the moment, the asset may reverse and start a new rising impulse. In this case, the upside target may be the resistance level at 0.7270. After testing the level, the price may break it and continue the ascending tendency. At the same time, an opposite scenario implies that the price may correct to reach 0.7135 first and then resume the uptrend

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, including Hammer. At the moment, USDCHF is reversing in the form of a new ascending impulse. In this case, the upside target may be at 0.9810. 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 0.9670 before resuming the ascending tendency.