Japanese Candlesticks Analysis 18.10.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed a Shooting Star reversal pattern. Currently, the instrument could go by the reversal signal in a descending wave. The pullback target might be 1920.50. Upon breaking the support, the price could rebound from it and continue the uptrend. However, the price might rise to 1965.00 without any correction.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 0.5965. Upon breaking the resistance, the quotes could continue the uptrend. However, the price might correct to 0.5885 and develop the uptrend upon testing the support.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target might be 1.2260. However, the price could drop to 1.2100 and continue the downtrend without a pullback to the resistance.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.