Japanese Candlesticks Analysis 02.06.2021 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the correction continues. After forming several reversal patterns, such as Doji, close to the resistance level, XAUUSD is reversing and may form a new pullback to reach the support area at 1875.00. At the same time, an opposite scenario implies that the price may continue growing towards 1925.00 without testing the support area.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the correctional impulse continues. By now, NZDUSD has formed several reversal patterns, such as Shooting Star, close to the resistance level. The pattern materialization target may be the channel’s downside border at 0.7215. Later, the price may test this level, rebound from it, and resume moving upwards. However, an alternative scenario implies that the price may continue growing towards 0.7315 without testing the support level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is still correcting within the uptrend. By now, GBPUSD has formed several reversal patterns, such as Shooting Star, not far from the resistance area. At the moment, the pair may reverse and start a new pullback. In this case, the correctional target may be at 1.4090. However, the next upside target after the pullback may be at 1.4240. After breaking the resistance level, the instrument may boost its ascending tendency.