Japanese Candlesticks Analysis 02.07.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After finishing the pullback and testing the support level, XAUUSD has formed a Hammer pattern. At the moment, the price may start reversing to continue the uptrend. In this case, the upside target is at 1791.00. At the same time, one shouldn’t exclude an alternative scenario, according to which the market may fall and return to 1755.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the sideways tendency continues. After forming several reversal patterns, such as Hammer, not far from the support level, NZDUSD is reversing. Possibly, the pair may reverse and start a new growth to reach the resistance area at 0.6520. After testing this area, the instrument may resume falling towards 0.6385.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after forming a Doji pattern while testing the resistance level, GBPUSD has started reversing. At the moment, the pair is expected to continue the descending tendency. In this case, the downside target is at 1.2272. Still, there is another scenario, which suggests that the instrument may continue the trading upwards to reach 1.2530 without reversing and forming any significant corrections.