Japanese Candlesticks Analysis 02.03.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Hanging Man pattern not far from the resistance level. At the moment, the asset is reversing in the form a new descending impulse. In this case, the downside correctional target may be the support area at 1915.00. At the same time, an opposite scenario implies that the price may grow to reach 1980.00 and continue the ascending tendency without any corrections.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Shooting Star reversal pattern close to the resistance area. At the moment, the asset is reversing and may form a new descending impulse towards the support level. In this case, the downside target is at 0.6730. After that, the asset may rebound from this level and resume moving upwards. However, an alternative scenario implies that the price may grow to reach 0.6815 without any corrections.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Harami reversal pattern near the resistance area. At the moment, the pair is reversing in the form of a new descending impulse. In this case, the downside target may be at 1.3225. After testing the support level, the market may break it and continue trading downwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.3380 before resuming its decline.