Japanese Candlesticks Analysis 19.05.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Hammer reversal pattern not far from the support area. At the moment, the asset is reversing in the form of another correctional impulse. In this case, the upside correctional target may be the resistance level at 1840.00. At the same time, an opposite scenario implies that the price may fall to reach 1790.00 and continue the descending tendency without any pullbacks.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Hammer reversal pattern close to the support area. At the moment, the asset is reversing in the form of a new rising correctional impulse. In this case, the upside target may be at 0.6400. After that, the asset may rebound from the resistance level and resume moving downwards. However, an alternative scenario implies that the price may fall to reach 0.6200 without any corrections.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed several reversal patterns, such as Hammer, near the support level. At the moment, the pair is reversing in the form of a new correctional impulse. In this case, the upside target correctional may be at 1.2510. After testing the resistance area, the market may rebound from it and resume trading downwards. Still, there might be an alternative scenario, according to which the asset may fall to reach 1.2190 without testing the resistance area.