Japanese Candlesticks Analysis 08.12.2021 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is trading upwards. After forming an Inverted Hammer reversal pattern not far from the support level, XAUUSD may reverse and continue forming its rising impulse. In this case, the upside target may be the resistance area at 1815.00. At the same time, an opposite scenario implies that the price may fall towards 1770.00 first and then resume trading upwards.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed several reversal patterns, such as Hammer, close to the support area. At the moment, the asset is reversing in the form of a new pullback towards the resistance level. In this case, the upside correctional target may be at 0.6840. After that, the asset may rebound from this level and resume moving downwards. However, an alternative scenario implies that the price may fall to reach 0.6680 without forming any corrections towards the resistance level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD continues trading sideways not far from the support area, where it has formed several reversal patterns, for example, Long-Legged Doji. At the moment, the pair may reverse and start a new ascending impulse. In this case, the upside target may be at 1.3330. After testing the resistance level, 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 1.3370 without correcting towards the resistance level.