Japanese Candlesticks Analysis 01.06.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Harami reversal pattern not far from the resistance area. At the moment, the asset is reversing in the form of a new descending impulse. In this case, the downside target may be the support level at 1815.00. At the same time, an opposite scenario implies that the price may grow to reach 1855.00 before resuming the descending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Hammer reversal pattern close to the support area. At the moment, the asset is reversing in the form of a new ascending impulse. In this case, the upside target may be at 0.6600. After that, the asset may break the resistance level and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.6455 first and then resume its growth.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Harami reversal pattern near the resistance level. At the moment, the pair is reversing in the form of a new descending impulse. If the price breaks the support area, the market may continue trading downwards. In this case, the upside target may be at 1.2460. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.2650 before resuming the downtrend.