Japanese Candlesticks Analysis 04.02.2021 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the metal is still trading downwards. Right now, after forming several reversal patterns, such as Shooting Star, 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 1874.00 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 Hammer, 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 0.7150 before resuming the ascending impulse.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the downtrend continues. Right now, after forming a Hanging Man pattern not far from the resistance area, GBPUSD is reversing. In this case, the downside target is the support level at 1.3530. After that, the instrument may correct to the upside from the support area and then resume moving downwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.3712 before resuming its decline.