Japanese Candlesticks Analysis 27.03.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, Gold is still growing from the support level. After forming several reversal patterns, such as Hammer, the pair is reversing. At the moment, the price is testing another resistance level not far from a Hanging Man pattern. The current situation implies that the pair may reverse to start a slight correction and then continue forming the rising tendency. The correctional target may be at 1598.00. in the future, the next upside target may be at 1700.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after forming a Doji reversal pattern not far from the resistance level, the pair continues growing. At the moment, NZDUSD is reversing. The correctional target may be at 0.5786. After finishing the correction, the price may resume trading upwards. In this case, the upside target will be at 0.6255.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the rising tendency continues. By now, GBPUSD has formed several reversal patterns, such as Hammer and Inverted Hammer, close to the support level. At the moment, the pair is reversing and testing the resistance level. There are no reversal patterns close to this level but the price may yet start a correction before further growth towards 1.2550. However, there is another scenario, which implies that the instrument may rebound from the resistance level and fall towards 1.1900.