Japanese Candlesticks Analysis 11.01.2021 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the metal is plummeting. Right now, after forming several reversal patterns, such as Harami and Hammer, close to the support area, XAUUSD may reverse and resume growing towards the resistance level. In this case, the upside target will be at 1858.00. At the same time, an opposite scenario implies that the price may start another decline to return to 1800.00 before resuming its growth.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the pair is forming another correctional impulse. Right now, after forming a Hammer pattern close to the horizontal support level, NZDUSD is reversing. The upside target remains at the resistance area at 0.7310. However, an alternative scenario implies that the price may start a new pullback towards 0.7165 before resuming the ascending tendency.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the asset is still correcting within the uptrend. Right now, after forming several reversal patterns, such as Shooting Star, not far from the resistance area, GBPUSD is reversing. The downside target is at 1.3390. After that, the instrument may rebound from the support level and resume moving upwards. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 1.3625 without testing the support area.