Japanese Candlesticks Analysis 20.07.2021 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is still trading upwards. After forming several reversal patterns, such as Engulfing, not from the support level, XAUUSD may reverse and start a new growth to reach the resistance area at 1850.00. At the same time, an opposite scenario implies that the price may correct towards 1800.00 before resuming its ascending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the descending impulse continues. By now, NZDUSD has formed several reversal patterns, such as Harami and Engulfing, close to the resistance level. At the moment, the asset is reversing. In this case, the downside target is the support area at 0.6845. After testing this level, the asset may break it and continue moving downwards. However, an alternative scenario implies that the price may correct towards 0.6980 before resuming its decline.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is still trading within the downtrend. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair may reverse and start a new correction towards the resistance level. In this case, the upside target may be at 1.3777. After testing this level, the market may rebound from it and resume falling. Still, there might be an alternative scenario, according to which the asset may continue falling towards the support area at 1.3610 without any significant corrections.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.