Japanese Candlesticks Analysis 01.04.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Hammer pattern not far from the support area. At the moment, the asset is reversing in the form a new ascending impulse. In this case, the upside target may be the resistance level at 1970.00. At the same time, an opposite scenario implies that the price may correct to reach 1915.00 before resuming the uptrend.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Shooting Star reversal pattern close to the resistance area. At the moment, the asset is reversing in the form of a new descending impulse. In this case, the downside target is at 0.6875. After that, the asset may rebound from the support level and resume moving upwards. However, an alternative scenario implies that the price may grow to reach 0.6980 without testing the support level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed several reversal patterns, such as Hammer, near the support area. At the moment, the pair is reversing and may form a new ascending impulse. In this case, the upside target may be at 1.3190. After testing the resistance level, the market may rebound from it and resume trading downwards. Still, there might be an alternative scenario, according to which the asset may fall to reach 1.3020 without any pullbacks.