Japanese Candlesticks Analysis 24.02.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After breaking the channel’s upside border, XAUUSD has completed a Shooting Star reversal pattern. At the moment, the pair is expected to form a correction towards 1640.00 and then resume growing to reach the target at 1690.00. However, one shouldn’t ignore another scenario, according to which the instrument may return inside the rising channel.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the descending channel continues. After completing the correction, the pair has formed a Doji reversal pattern. There was a gap earlier today, that’s why right now NZDUSD is trading not far from the support level. We may assume that later the price may reverse and fall to update the lows at 0.6280. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may grow to reach 0.6355 and test the channel’s upside border.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after completing a pullback from the support level, GBPUSD has formed a Harami pattern at the top. Possibly, the pair may reverse and return to the support level. Later, the market may update its lows and then move towards 1.2817. However, there is another scenario, which implies that the instrument may grow to reach 1.2979.