Japanese Candlesticks Analysis 22.10.2021 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset continues trading upwards. After forming several reversal patterns, such as Engulfing, not far from the support level, XAUUSD is reversing and may form a new rising impulse. In this case, the upside target may be the resistance area at 1810.00. At the same time, an opposite scenario implies that the price may correct towards 1775.00 first and then resume trading upwards.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed several reversal patterns, such as Hanging Man, close to the resistance level. At the moment, the asset is reversing in the form of a new decline. In this case, the downside target may be the support area at 0.7120. After that, the asset may rebound from it and resume moving upwards. However, an alternative scenario implies that the price may grow to reach 0.7245 without any corrections towards the support area.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed several reversal patterns, such as Harami, not far from the resistance area. At the moment, the pair is reversing in the form of another pullback. In this case, the correctional target may be at 1.3735. After testing the support level, the market may rebound from it and resume growing. Still, there might be an alternative scenario, according to which the asset may correct towards 1.3890 without testing the support level.