Japanese Candlesticks Analysis 17.02.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after forming a Harami reversal pattern not far from the support level, XAUUSD is reversing in the form a new rising impulse. In this case, the upside target may be the resistance area at 1885.00. At the same time, an opposite scenario implies that the price may correct to reach 1860.00 first and then resume trading upwards.

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 and may form a new ascending impulse towards the resistance level. In this case, the upside target is at 0.6755. After that, the asset may break this level and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.6640 before resuming its uptrend.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed reversal patterns, such as Harami and Hammer, near the support area. At the moment, the pair is reversing in the form of a new rising impulse. In this case, the upside target may be at 1.3650. After testing the resistance level, the market may break it and continue trading upwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.3540 before resuming its growth.