Japanese Candlesticks Analysis 29.06.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After finishing the pullback and testing the support level, XAUUSD has formed an Engulfing pattern. At the moment, the price is reversing and may continue moving upwards. In this case, the upside target is at 1789.00. At the same time, one shouldn’t exclude an alternative scenario, according to which the market may fall and return to 1750.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the sideways tendency continues. After forming several reversal patterns, such as Long-Legged Doji, not far from the support level, NZDUSD is reversing. Possibly, the pair may reverse and start a new growth to reach the resistance area at 0.6520. However, an opposite scenario implies that the instrument may continue falling towards 0.6385.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after forming a Hammer pattern while testing the support level, GBPUSD has started reversing. At the moment, the pair is expected to continue growing towards the resistance area. In this case, the upside target is at 1.2445. Still, there is another scenario, which suggests that the instrument may continue the descending tendency towards 1.2250 without forming any significant corrections.