Japanese Candlesticks Analysis 15.08.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed an Engulfing reversal pattern not far from the resistance area. At the moment, the asset may reverse in the form of a new descending impulse. In this case, the downside target may be at 1780.50. At the same time, the opposite scenario implies that the price may grow to reach 1815.00 without testing the support level.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Harami reversal pattern close to the resistance area. At the moment, the asset is reversing in the form of another descending impulse. In this case, the downside correctional target may be at 0.6385. 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 0.6475 without any pullbacks down to 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 support level. At the moment, the pair may reverse in the form of a new ascending impulse. In this case, the upside target may be the resistance area at 1.2255. Later, the market may break this level and continue growing. Still, there might be an alternative scenario, in which the asset may correct to reach the support level at 1.2075 first and then resume the ascending tendency.