Japanese Candlesticks Analysis 03.09.2021 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the sideways tendency continues. After forming several reversal patterns, such as Hammer and Doji, not far from the support level, XAUUSD may reverse and start a new growth to reach the resistance area at 1850.00. At the same time, an opposite scenario implies that the price may continue falling towards 1790.00 before resuming its ascending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, after testing the resistance area, NZDUSD has formed several reversal patterns, such as Hanging Man. At the moment, the asset is reversing in the form of a new pullback. In this case, the correctional target may be the support level at 0.7045. After testing this level, the asset may rebound from it and resume moving upwards. However, an alternative scenario implies that the price may grow to reach 0.7175 without any corrections.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming the correctional wave. By now, GBPUSD has formed several reversal patterns, such as Engulfing, not far from the resistance level. At the moment, the pair may reverse and start a new pullback. In this case, the correctional target may be at 1.3780. After testing this level, the market may rebound from it and resume growing. Still, there might be an alternative scenario, according to which the asset may grow towards 1.3900 without correcting.