Japanese Candlesticks Analysis 01.02.2021 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the metal is still trading sideways. Right now, after forming several reversal patterns, such as Engulfing, close to the horizontal resistance level, XAUUSD is reversing and may resume falling towards the support area. In this case, the downside target will be at 1800.00. At the same time, an opposite scenario implies that the price may continue its growth towards 1890.00 before falling to reach the support area.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the pair is still moving upwards. Right now, after forming several reversal patterns, such as Engulfing, close to the support level, NZDUSD is reversing. Later, the asset may grow and reach the resistance area at 0.7275. However, an alternative scenario implies that the price may continue falling towards 0.7120 before further growth.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the uptrend continues. Right now, after forming an Engulfing pattern not far from the support area, GBPUSD is reversing. In this case, the upside target is the resistance level at 1.3820. After that, the instrument may correct to the downside from the resistance area and then resume moving upwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.3645 before resuming its growth.