Japanese Candlesticks Analysis 11.01.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is still trading upwards. After forming a Hammer reversal pattern not far from the support level, XAUUSD is reversing and may continue forming its ascending impulse. In this case, the upside target may be the resistance area at 1835.50. 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, NZDUSD has formed a Hammer reversal pattern close to the support area. At the moment, the asset is reversing and may form a new ascending impulse towards the resistance level. In this case, the upside target may be at 0.6825. After that, the asset may break this level and continue moving upwards. However, an alternative scenario implies that the price may fall to reach 0.6750 first and then resume its uptrend towards the resistance level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Hammer reversal pattern near the support level. At the moment, the pair may reverse and start a new impulse to the upside. In this case, the upside target may be at 1.3665. After testing the resistance area, the market may break it and continue trading upwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.3540 before starting another growth.