Japanese Candlesticks Analysis 10.07.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the uptrend continues. After finishing a Shooting Star reversal pattern not far from the resistance level, XAUUSD is reversing and correcting towards rising channel’s downside border. One may assume that later the pair may complete the pullback and resume trading upwards. In this case, the upside target is at 1820.84. At the same time, one shouldn’t exclude an alternative scenario, according to which the market may fall and return to 1786.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming a Hanging Man pattern not far from the resistance level, NZDUSD is reversing and may later correct to reach the support area at 0.6520. After testing this area, the instrument may resume growing towards the target at 0.6590.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after breaking the descending channel’s upside border and forming an Engulfing pattern, GBPUSD has started reversing. In this case, the downside target is at 1.2509. After testing this level, the instrument may continue trading upwards.