Japanese Candlesticks Analysis 16.06.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after testing the resistance level, forming a Harami pattern, and then reversing, XAUUSD has tested 1705.00 and rebounded from the support level. The current upside target is the resistance level at 1750.00. If the price continues growing, it may reach the next resistance area at 1760.00. At the same time, there might be another scenario, according to which the instrument may return to the support level at 1705.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, after forming a Harami pattern not far from the support level, NZDUSD is still moving inside the rising channel. Possibly, the pair may reverse and start a new correction to reach 0.6585. However, an opposite scenario implies that the instrument may fall and return to the support level at 0.6400.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Hanging Man reversal pattern while testing the resistance level and reversed. At the moment, the pair continues growing towards the resistance level. The target is at 1.2787. If later the price breaks this level, the instrument may continue the ascending tendency.