Japanese Candlesticks Analysis 26.10.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed a Hammer reversal pattern. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 2010.00. Upon testing the resistance level, the price could break it and go on developing the uptrend. However, the quotes might correct to 1960.00 before the rise.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The correction target could be 0.5820. Upon rebounding from the resistance, the quotes might continue the downtrend. However, the price could drop to 0.5755 and develop the downtrend without testing the resistance level.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The correction target could be 1.2115. However, the quotes could drop to 1.2035 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.