Japanese Candlesticks Analysis 23.10.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, "Gold vs US Dollar"
Gold has formed a Hanging Man reversal pattern. Currently, the instrument is going by the reversal pattern in a descending wave. The pullback target might be 1960.00. Upon testing the support, the price could rebound from it and continue developing the ascending wave. However, the price might rise to 2000.00 without any correction.
NZDUSD, "New Zealand Dollar vs US Dollar"
NZDUSD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument might go by the reversal pattern in an ascending wave. The correction target could be 0.5860. Upon rebounding from the resistance, the quotes might go on by the downtrend further. However, the price could drop to 0.5775 and continue the downtrend without testing the resistance.
GBPUSD, "Great Britain Pound vs US Dollar"
GBPUSD has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave.The correction target might be 1.2200. However, the price could drop to 1.2085 and extend the downtrend without pulling back 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.