Japanese Candlesticks Analysis 18.05.2021 (USDCAD, AUDUSD, USDCHF)

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Hammer, not far from the support level, USDCAD may reverse and start a new correction towards 1.2180. After testing this level, the price may rebound and resume its descending tendency. However, an alternative scenario implies that the asset may fall to reach the next support level at 1.1990 without reversing and correcting.

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 favor of the ascending tendency. In this case, the upside target may be the resistance area at 0.7840. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7755, rebound from it, and then resume trading upwards.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset is testing the support area. At the moment, after forming several reversal patterns, such as Harami, not far from the resistance area, USDCHF has reversed to resume trading downwards. In this case, the downside target may be the support level at 0.8950. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9035 before a further decline.