Japanese Candlesticks Analysis 18.08.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed an Inverted Hammer reversal pattern not far from the support area. At the moment, the asset may reverse in the form of a new rising impulse. In this case, the upside target may be at 1792.00. At the same time, the opposite scenario implies that the price may correct to reach 1750.50 first and then resume trading upwards.

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 in the form of another ascending impulse. In this case, the upside target may be at 0.6335. After that, the asset may break the resistance level and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.6235 before resuming the uptrend.

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 in the form of a new ascending impulse. In this case, the upside target may be the resistance area at 1.2150. 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 1.2000 first and then resume the ascending tendency.