Japanese Candlesticks Analysis 15.03.2021 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the correction within the descending tendency continues. After forming several reversal patterns, such as Engulfing, close to the resistance level, XAUUSD may reverse and fall towards the support area. In this case, the downside target remains at 1670.00. At the same time, an opposite scenario implies that the price may start a new pullback to reach 1760.00 before resuming its decline.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the pair is moving within the uptrend. By now, NZDUSD has formed several reversal patterns, such as Hammer, close to the support level. The upside target may be at 0.7260. Later, the price may test the resistance area, break it, and continue moving upwards. However, an alternative scenario implies that the price may correct towards 0.7125 before resuming the ascending tendency.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another rising wave. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair reverse and resume trading upwards. In this case, the upside target may be the resistance area at 1.4040. After that, the instrument may continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 1.3845 and test the channel’s downside border before resuming its growth.