Japanese Candlesticks Analysis 23.08.2021 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset continues moving sideways. After forming several reversal patterns, such as Engulfing, not far from the support level, XAUUSD may reverse and start a new growth to reach the resistance area at 1820.50. At the same time, an opposite scenario implies that the price may continue falling towards 1765.00 before resuming its ascending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, after testing the support area, NZDUSD has formed several reversal patterns, such as Hammer and Inverted Hammer. At the moment, the asset may reverse and rebound from the support area. In this case, the upside target may be the resistance level at 0.6895. After testing this level, the asset may rebound from it and continue moving downwards. However, an alternative scenario implies that the price may fall towards 0.6765 without any corrections.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another correctional wave. By now, GBPUSD has formed several reversal patterns, such as Hammer and Engulfing, not far from the support level. At the moment, the pair may reverse and start a new growth towards the resistance area. In this case, the upside target may be at 1.3715. After testing this level, the market may rebound from it and resume falling. Still, there might be an alternative scenario, according to which the asset may fall towards the next support area at 1.3580 without reversing and correcting.