Japanese Candlesticks Analysis 12.02.2021 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the metal is about to finish the correctional impulse. Right now, after forming several reversal patterns, such as Harami and Doji, close to the 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 the correction towards 0.7190 before resuming the ascending impulse.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the correction within the uptrend continues. Right now, after forming several reversal patterns, such as Shooting Star and Hanging Man, not far from the resistance area, GBPUSD is reversing. In this case, the correctional target is the support level at 1.3730. After that, the instrument may rebound and resume moving upwards to reach the upside target at 1.3910.