Japanese Candlesticks Analysis 26.08.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Hammer reversal pattern not far from the support area. At the moment, the asset may reverse in the form of a new ascending impulse. In this case, the upside target may be at 1770.50. At the same time, the opposite scenario implies that the price may correct to reach 1745.00 first and then resume trading upwards.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, during the pullback, 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 0.6175. 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 0.6270 without testing the support level.

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 1.1885. Later, the market may rebound from this level and resume falling. Still, there might be an alternative scenario, in which the asset may continue falling to reach the support level at 1.1725 without testing the resistance area.