Japanese Candlesticks Analysis 01.04.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after forming several reversal patterns, such as Hanging Man, not far from the resistance level, Gold has reversed; right now, it is testing the support level. The current situation implies that the pair may rebound from this level and then resume the rising tendency. in this case, the upside target may be at 1700.00. At the same time, there is another scenario, according to which the instrument may fall to test 1550.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the asset continues growing. After finishing the correction from the resistance level and forming an Engulfing reversal pattern, NZDUSD is reversing. The upside target may be at 0.6255. Still, one shouldn’t exclude another scenario, which says that the instrument may continue the correction towards 0.5858.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the rising tendency continues. By now, GBPUSD has formed several reversal patterns, such as Shooting Star, close to the resistance level. At the moment, the pair is reversing and may later form a slight correction, which may be followed by further growth towards 1.2550. However, there is another scenario, which implies that the instrument may rebound from the resistance level and fall towards 1.2140.