Japanese Candlesticks Analysis 22.01.2021 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after plunging, the metal is still trying to recover. Right now, after forming several reversal patterns, such as Engulfing, close to the resistance area, XAUUSD may reverse and resume falling towards the support level. 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 1890.00 without reversing and correcting.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the pair is still correcting. Right now, after forming several reversal patterns, such as Harami, close to the resistance level, NZDUSD is reversing and may later reach the support area at 0.7103. However, an alternative scenario implies that the price may continue growing towards 0.7255 without reversing and forming any 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 resistance area, GBPUSD is reversing. In this case, the correctional target is the support level at 1.3580. After that, the instrument may rebound from this level and resume moving upwards. Still, there might be an alternative scenario, according to which the asset may continue growing without reversing and correcting.