Japanese Candlesticks Analysis 17.11.2021 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is about to complete another correctional wave. After forming a Harami reversal pattern not far from the support level, XAUUSD may reverse and 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 towards 1840.00 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 growth towards the resistance level. In this case, the upside target may be at 0.7070. After that, the asset may break the level and continue moving upwards. However, an alternative scenario implies that the price may fall to reach 0.6960 before resuming its ascending tendency.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed several reversal patterns, such as Harami, not far from the resistance area. At the moment, the pair may reverse and resume falling. In this case, the downside target may be at 1.3280. 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 grow to reach 1.3475 first and then resume falling towards the support level.