Japanese Candlesticks Analysis 02.03.2021 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the descending impulse continues. After forming several reversal patterns, such as Hammer, close to the horizontal support level, XAUUSD is reversing and may later correct towards the resistance area. In this case, the correctional target will be at 1770.00. At the same time, an opposite scenario implies that the price may continue its decline towards 1685.00 without reversing and correcting.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the pair is still correcting within the uptrend. By now, NZDUSD has formed several reversal patterns, such as Hammer, close to the support level. The upside target may be the resistance area at 0.7350. However, an alternative scenario implies that the price may continue its decline towards 0.7180 without reversing and correcting.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another correctional wave. Right now, after forming several reversal patterns, such as Hammer, not far from the support area, GBPUSD may correct and reach the resistance area at 1.4090. After that, the instrument may continue moving upwards. Still, there might be an alternative scenario, according to which the asset may fall to reach 1.3800 and test the channel’s downside border before resuming its growth.