Japanese Candlesticks Analysis 16.04.2021 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming several reversal patterns, such as Harami, close to the resistance level, XAUUSD may reverse and start a new pullback towards the support area. In this case, the correctional target may be at 1753.00. At the same time, an opposite scenario implies that the price may continue growing to reach 1785.00 without testing the support level.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the pair is correcting after completing the ascending wave. By now, NZDUSD has formed several reversal patterns, such as Harami, close to the resistance level. The next downside target may be at 0.71150. Later, the price may test the support area, rebound from it, and resume moving upwards. However, an alternative scenario implies that the price may grow towards 0.7230 without reversing and correcting.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another correction within the descending tendency. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair may reverse and continue the pullback. In this case, the upside target may be at 1.3830. After that, the instrument may rebound from the resistance area and resume the descending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling towards 1.3660 without testing the resistance area.