Japanese Candlesticks Analysis 21.12.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. Right now, after forming a Doji pattern close to the support area, XAUUSD may reverse and resume growing towards the resistance level. In this case, the upside target will be at 1925.00. At the same time, an opposite scenario implies that the price may start another decline to return to 1875.00 before resuming its growth.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, NZDUSD is correcting within the uptrend; right now, it is reversing after forming a Shooting Star pattern close to the resistance area. After completing another correction, the asset may resume trading upwards with the target at 0.7170. However, an alternative scenario implies that the price may start a new pullback towards 0.7050 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 Hanging Man, not far from the resistance area, GBPUSD is reversing. The correctional target is at 1.3300. After that, the instrument may rebound from the support level and then resume moving upwards. Still, there might be an alternative scenario, according to which the asset may grow to reach 1.3480 without testing the support area at 1.3300.