Japanese Candlesticks Analysis 15.07.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the uptrend continues. After finishing a Harami reversal pattern not far from the resistance level, XAUUSD is reversing and correcting towards rising channel’s downside border. One may assume that later the pair may complete the pullback and resume trading upwards. In this case, the upside target is at 1825.00. At the same time, one shouldn’t exclude an alternative scenario, according to which the market may fall and return to 1785.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming a Hanging Man pattern not far from the resistance level and reversing, NZDUSD has corrected towards the support area at 0.6520 and rebounded from it. After that, the instrument may resume growing to reach the target at 0.6590.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the pair is forming the ascending channel. After forming a Hammer pattern close to the downside border, GBPUSD has started reversing. In this case, the upside target is at 1.2710. After testing this level, the instrument may continue trading upwards. However, there might be another scenario, according to which the price may fall to return to 1.2485.