Japanese Candlesticks Analysis 16.03.2022 (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 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 an Inverted Hammer reversal pattern close to the support area. At the moment, the asset is reversing and may form a new rising impulse. In this case, the upside target is at 0.6850. After that, the asset may break this level and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.6735 first and then resume growing.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed an Inverted Hammer reversal pattern 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 1.3135. 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 1.2950 and continue the downtrend without any corrections.