Japanese Candlesticks Analysis 17.02.2021 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the metal is about to finish the correctional impulse. After forming several reversal patterns, such as Hammer, close to the horizontal support level, XAUUSD may reverse and resume growing towards the resistance area. In this case, the upside target will be at 1842.50. At the same time, an opposite scenario implies that the price may continue its decline towards 1765.00 before further growth.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the pair is correcting within the uptrend. By now, NZDUSD has formed several reversal patterns, such as Hammer, close to the support level. The upside target remains at the resistance area at 0.7300. However, an alternative scenario implies that the price may continue the correction towards 0.7170 before resuming the ascending impulse.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the correctional wave within the uptrend continues. Right now, after forming several reversal patterns, such as Shooting Star, not far from the resistance area, GBPUSD is reversing. In this case, the correctional target is the support level at 1.3795. After that, the instrument may rebound and resume moving upwards to reach the upside target at 1.3980.