Japanese Candlesticks Analysis 03.06.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after testing the resistance level and forming several reversal patterns, including Engulfing, XAUUSD is reversing. The downside target may be the support level at 1700.00. If later the price rebounds from the support level, the pair may continue the uptrend. In this case, the upside target may be at 1750.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, after breaking the rising channel’s upside border and forming a Shooting Star pattern not far from the resistance level, the pair is reversing. Possibly, after reversing, NZDUSD may correct towards 0.6345. After this pullback, the instrument may resume the ascending tendency. In this case, the upside target may be at 0.6488.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Hanging Man reversal pattern while testing the resistance level. At the moment, the pair is starting to reverse. The upside target is at 1.2655. However, there is another scenario, which implies that the instrument may fall to return to the support level at 1.2427.