Japanese Candlesticks Analysis 12.07.2021 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is trading sideways not from the resistance level, where it has formed several reversal patterns, such as Harami. At the moment, XAUUSD may reverse and start a new decline to reach the support area at 1790.00. At the same time, an opposite scenario implies that the price may grow towards 1830.00 and continue the ascending tendency without testing the support area.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the ascending impulse continues. By now, NZDUSD has formed several reversal patterns, such as Hammer, close to the support level. The correctional target is the resistance area at 0.7070. After testing this level, the asset may break it and continue moving upwards. However, an alternative scenario implies that the price may fall towards 0.6930 before resuming its growth.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is still correcting within the downtrend. By now, GBPUSD has formed several reversal patterns, such as Harami, not far from the resistance area. At the moment, the pair may reverse and start a new decline towards the support level. In this case, the downside target may be at 1.3790. After testing this level, the market may break it and continue falling. Still, there might be an alternative scenario, according to which the asset may continue growing towards the resistance area at 1.3965 without reversing and correcting.