Japanese Candlesticks Analysis 09.02.2021 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the metal is still trading upwards. Right now, after forming several reversal patterns, such as Harami, close to the horizontal support level, XAUUSD is reversing and may resume growing towards the resistance area. In this case, the upside target will be at 1874.50. At the same time, an opposite scenario implies that the price may continue its decline towards 1800.00 before further growth.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the pair is still moving upwards. Right now, after forming several reversal patterns, such as Hammer, close to the support level, NZDUSD is reversing. The upside target is the resistance area at 0.7300. However, an alternative scenario implies that the price may continue falling towards 0.7200 before resuming the ascending impulse.

GBPUSD

As we can see in the H4 chart, the uptrend continues. Right now, after forming an Engulfing pattern not far from the support area, GBPUSD is still reversing. In this case, the upside target is the resistance level at 1.3825. After that, the instrument may correct to the downside from the resistance area and then resume moving upwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.3680 before resuming its growth.