Japanese Candlesticks Analysis 28.07.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the uptrend continues. After finishing an Engulfing pattern not far from the resistance level, XAUUSD may reverse and form a slight correction. Later, the price is expected to resume trading upwards. In this case, the upside target may be at 1990.00. At the same time, an alternative scenario implies that the pair may correct towards 1920.00 after updating the highs.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming a Hanging Man pattern close to the resistance level, NZDUSD has started reversing. At the moment, the price is expected to correct towards the support area at 0.6620. Later, the market may rebound from the area and resume growing to reach 0.6730. Still, there is another scenario, which suggests that the instrument may correct towards 0.6520.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the pair is still forming the ascending channel. After forming a Shooting Star pattern close to the resistance level, GBPUSD has started reversing. At the moment, the price is expected to correct and fall towards 1.2788. However, there might be another scenario, according to which the price may continue trading upwards without reversing and correcting.