Japanese Candlesticks Analysis 17.05.2021 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the instrument continues growing. After forming several reversal patterns, such as Engulfing, close to the support level, XAUUSD is reversing. In this case, the upside target may be the resistance area at 1875.00. At the same time, an opposite scenario implies that the price may continue the pullback to reach 1830.00 before resuming its growth.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the correction continues. By now, NZDUSD has formed several reversal patterns, such as Hammer, close to the support level. The pattern materialization target may be the resistance area at 0.7300. Later, the price may test the area, break from it, and continue moving upwards. However, an alternative scenario implies that the price may return to 0.7190 before resuming its ascending tendency.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is trading sideways within the ascending tendency. By now, GBPUSD has formed several reversal patterns, such as Harami, not far from the resistance area. At the moment, the pair may reverse in favor of further decline. In this case, the downside target may be at 1.4020. Later, the instrument may complete the pullback and resume growing to break 1.4215. After that, the market may boost its ascending tendency.