Japanese Candlesticks Analysis 24.08.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has completed the correction within the uptrend. After finishing a Hammer pattern not far from the support level, XAUUSD may reverse and start a new growth towards 2000.00. At the same time, an opposite scenario implies that the price may fall with the target at 1905.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, after forming a Shooting Star pattern and reversing, NZDUSD is correcting within the descending tendency. After forming several reversal patterns close to the support level, NZDUSD has started reversing. At the moment, the price is expected to resume growing towards the resistance area at 0.6565. Later, the market may rebound from this level and resume falling. In this case, the downside target may be the support area at 0.6480.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the pair is still correcting within the ascending tendency. After forming several reversal patterns, such as Harami, close to the support level, GBPUSD may reverse and rebounds from the level to get back inside the rising channel. In this case, the upside target is at 1.3300. However, there might be another scenario, according to which the price may start a new decline towards 1.3036.