Japanese Candlesticks Analysis 08.09.2021 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the correctional wave continues. After forming several reversal patterns, such as Engulfing, 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 1777.00 before resuming its ascending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, after testing the support area, NZDUSD has formed several reversal patterns, such as Hammer. At the moment, the asset is reversing in the form of a new growth. In this case, the upside target may be the resistance level at 0.7170. After testing this level, the asset may break it and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.7050 first and then resume growing.

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 Shooting Star, 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 1.3715. After testing this level, the market may beak it and continue falling. Still, there might be an alternative scenario, according to which the asset may grow towards 1.3800 before resuming its decline.