Japanese Candlesticks Analysis 12.10.2022 (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 correctional wave. In this case, the upside correctional target may be at 1680.50. Later, the pair may test the resistance level, rebound from it, and then resume trading downwards. At the same time, the opposite scenario implies that the price may continue falling to reach 1645.50 without any pullbacks.

NZDUSD, “New Zealand Dollar vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Harami reversal pattern close to the support level. At the moment, the asset is reversing in the form of another correctional wave. In this case, the upside correctional target may be at 0.5660. After that, the asset may rebound from the resistance area and resume moving downwards. However, an alternative scenario implies that the price may continue falling to reach 0.5475 without testing the resistance area.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Doji reversal pattern near the support level. At the moment, the pair may reverse in the form of a new rising wave. In this case, the upside target may be the resistance area at 1.1155. 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 1.0805 without any pullbacks.