Japanese Candlesticks Analysis 24.03.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, Gold is growing from the support level. After forming several reversal patterns, such as Hammer, the pair is reversing. The upside target may be at 1630.00. However, one shouldn’t ignore another scenario, according to which the instrument may continue falling without testing 1630.00. In this case, the downside target may be at 1490.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, after breaking the descending channel and forming a Hammer reversal pattern not far from the support level, NZDUSD is reversing. The upside target may be at 0.6000. After testing this level, the price may rebound and resume trading downwards. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may fall towards 0.5494 without testing 0.6000.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the pair continues trading sideways. By now, GBPUSD has formed another Hammer reversal pattern close to the support level. Possibly, the pair may reverse and get back to 1.1200. Later, the market may continue the descending tendency. However, there is another scenario, which implies that the instrument may fall towards 1.1250 without reversing.