Japanese Candlesticks Analysis 03.03.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, Gold has completed the correction; right now, it is resuming the ascending tendency continues and has already reached several reversal patterns, including Harami. The current situation implies that XAUUSD may reverse and get back into the rising channel. In this case, the upside target may be at 1655.00. However, one shouldn’t ignore another scenario, according to which the instrument may return to 1573.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the descending channel continues. After completing a Hammer reversal pattern close to the support level, NZDUSD is reversing. We may assume that after reversing the price may correct towards the channel’s upside border, and then resume falling. In this case, the downside target may be at 0.6200. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may grow to return to 0.6325.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the descending tendency continues. By now, GBPUSD has formed several reversal patterns, such as Hammer, close to the support level. Possibly, the pair may reverse and start a new correction towards 1.2900. Later, the market may continue falling to reach the support level. However, there is another scenario, which implies that the instrument may fall to reach 1.2743 without forming any significant corrections.