Japanese Candlesticks Analysis 07.02.2023 (XAUUSD, NZDUSD и GBPUSD)

Japanese Candlesticks are a technical analysis tool that traders use to chart and analyze the price movement of securities. To read Japanese candlestick patterns, you'll need to familiarise yourself with three elements on each candle: its colour, its body and its wick. Let's take a look at the Japanese Candlesticks Analysis;

XAUUSD, “Gold vs US Dollar”

At the support level, gold has formed a Hammer reversal pattern. Currently, the instrument might go by the pattern in an ascending wave. The goal if the growth might be 1895.50. After a test of the resistance level, the pair might break through it and continue the uptrend. However, the quotes may pull back to 1860.00 before growth.

NZDUSD, “New Zealand Dollar vs US Dollar”

On H4, at the support level, the pair has formed a Hammer reversal pattern. Currently, the instrument might go by the pattern in an ascending wave. The goal if the growth might be 0.6385. After a breakaway of the resistance level, the pair might get a chance for continuing the uptrend. However, the price may pull back to 0.6270 before growth.

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, at the support level, the pair has formed an Inverted Hammer reversal pattern. Currently, the instrument might go by the pattern in an ascending wave. The goal if the growth might be the resistance level of 1.2160. However, the price may pull back to 1.1990 and continue the uptrend after a correction.