Japanese Candlesticks Analysis 29.12.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. Right now, after forming several reversal patterns, such as Engulfing, Doji, and Harami, 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 1850.00 before resuming its growth.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the pair is forming another rising impulse. Right now, after forming a Hammer pattern close to the horizontal support level, NZDUSD is still reversing. The upside target remains at the resistance area at 0.7175. However, an alternative scenario implies that the price may start a new pullback towards 0.7055 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 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 correcting towards the support area.