Japanese Candlesticks Analysis 23.03.2021 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming several reversal patterns, such as Hammer and Harami, close to the support level, XAUUSD may reverse and resume growing towards the resistance area. In this case, the upside target may be at 1780.00. At the same time, an opposite scenario implies that the price may correct to reach 1715.00 before resuming its growth.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the pair is moving within the downtrend. By now, NZDUSD has formed several reversal patterns, such as Doji, close to the resistance level. The downside target may be at 0.7010. Later, the price may test the support area, break it, and continue moving downwards. However, an alternative scenario implies that the price may correct towards 0.7180 before resuming the descending tendency.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset continues forming another rising wave. By now, GBPUSD has formed several reversal patterns, such as Doji and Engulfing, not far from the support area. At the moment, the pair may reverse and resume trading upwards. In this case, the upside target may be the resistance area at 1.3990. After that, the instrument may continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 1.3755 before a further uptrend.