Japanese Candlesticks Analysis 09.10.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the rising tendency continues. After completing the pullback and then forming a Hammer pattern, XAUUSD is reversing. The next upside target may be the resistance area at 1945.00. At the same time, an opposite scenario implies that the price may form another correction with the target at 1888.00 before resuming the uptrend.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the rising movement continues. After forming an Engulfing pattern close to the horizontal support level, NZDUSD may reverse and then resume moving upwards. The next upside target may be the channel’s upside border at 0.6710. Still, an alternative scenario says that the pair may continue trading downwards to reach the support level at 0.6515.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the uptrend continues. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair is still reversing and may later grow to reach the target at 1.3135. However, there might be another scenario, according to which the price may start a new pullback towards 1.2866 before resuming its growth.