Japanese Candlesticks Analysis 21.03.2022 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Hammer pattern not far from the support level. At the moment, the asset is reversing in the form a new ascending impulse. In this case, the upside target may be the resistance area at 1975.50. At the same time, an opposite scenario implies that the price may correct to reach 1900.00 before resuming its ascending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Stick Sandwich reversal pattern close to the resistance area. At the moment, the asset is reversing and may form a new correctional impulse. In this case, the downside target is at 0.6875. After that, the asset may rebound from this level and resume moving upwards. However, an alternative scenario implies that the price may grow to reach 0.6965 without any corrections towards the support level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Harami reversal pattern near the resistance area. At the moment, the pair is reversing and may form a new descending impulse. In this case, the downside target may be at 1.3025. 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 correct to reach 1.3235 before resuming the downtrend.

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.