Japanese Candlesticks Analysis 19.01.2021 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after plunging, the metal is correcting within a sideways channel. 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 1870.00. At the same time, an opposite scenario implies that the price may continue its decline towards 1800.00 without reversing and correcting.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after completing its quick decline, the pair is correcting. Right now, after forming a Harami pattern close to the horizontal support level, NZDUSD is reversing. The correctional target remains at the resistance area at 0.7185. However, an alternative scenario implies that the price may continue falling towards 0.7066 without any significant corrections.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the uptrend continues. Right now, after forming a Harami pattern not far from the support area, GBPUSD is reversing. In this case, the upside target is at 1.3750. After that, the instrument may break the resistance level and continue moving upwards. Still, there might be an alternative scenario, according to which the asset may form a new pullback towards 1.3510 before resuming its growth.