Japanese Candlesticks Analysis 22.08.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed an Inverted Hammer reversal pattern at the support level. Currently, the instrument might go by the reversal signal in an ascending wave. The growth target could be 1910.00. Upon testing the resistance, the price might get the chance for a rebound from it and further development of the downtrend. However, the quotes could drop to 1885.00 without any correction.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target could be 0.6000. After rebounding from the resistance, the quotes could get the chance to continue the downtrend. However, a decline to 0.5895 and the development of a downtrend without any correction are not excluded.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed a Hammer reversal pattern near the support level on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be 1.2840. However, the price might drop to 1.2715 and the downtrend might continue without any test of 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.