Japanese Candlesticks Analysis 08.06.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after testing the resistance level and forming several reversal patterns, including Hammer, XAUUSD is reversing. The upside target may be the resistance level at 1710.00. If the price continues falling instead of reversing, it may return to 1670.80.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after changing the rising channel’s borders, NZDUSD is still moving upwards. By now, it has formed a Shooting Star pattern not far from the resistance level. Possibly, the pair may reverse and start a new correction to reach 0.6420. After this pullback, the instrument may resume the ascending tendency. In this case, the upside target may be at 0.6585.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has formed a Shooting Star reversal pattern while testing the resistance level. At the moment, the pair is starting to reverse. After the correction, the upside target will be at 1.2800. However, there is another scenario, which implies that the instrument may fall to return to the support level at 1.2530.