Japanese Candlesticks Analysis 04.02.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after forming a Stick Sandwich reversal pattern not far from the support level, XAUUSD is reversing and may continue forming its rising impulse. In this case, the upside target remains the resistance area at 1830.00. At the same time, an opposite scenario implies that the price may correct to reach 1795.00 first and then resume its ascending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Shooting Star reversal pattern. At the moment, the asset is reversing and may form a new descending impulse towards the support level. In this case, the downside target is at 0.6600. After that, the asset may break this level and continue moving downwards. However, an alternative scenario implies that the price may correct to reach 0.6705 before resuming its downtrend.

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 area. At the moment, the pair is reversing in the form of a new correctional impulse. In this case, the downside target may be at 1.3540. After testing the support level, the market may rebound from it and resume trading upwards. Still, there might be an alternative scenario, according to which the asset may grow to reach 1.3680 without any corrections.