Japanese Candlesticks Analysis 06.10.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the rising tendency continues. After finishing a Harami pattern close to the resistance level, XAUUSD is reversing. The correctional target may be the support area at 1888.00. At the same time, an opposite scenario implies that the price may form another ascending impulse with the target at 1945.00 without reversing and correcting.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the rising impulse continues. After forming several reversal patterns, such as Harami, close to the horizontal support level, NZDUSD may reverse and form a slight correction. After the pullback, the next upside target may be the channel’s upside border at 0.6727. Still, an alternative scenario says that the pair may continue trading downwards to reach the support level at 0.6580.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the uptrend continues. By now, GBPUSD has formed several reversal patterns, such as Engulfing, not far from the support area. At the moment, the pair is still reversing and may later reach the target at 1.3135. However, there might be another scenario, according to which the price may start a new pullback towards 1.2930 before resuming its growth.