Japanese Candlesticks Analysis 29.01.2024 (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 the 2045.00 level. Upon testing the resistance, the price could break the level and continue developing the uptrend. However, the quotes might pull back to 2015.00 before rising.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD quotes have 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 0.6135. Upon rebounding from the resistance, the quotes might get a chance for extending the downtrend. However, the quotes could drop to the 0.6055 level and develop 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 growth target might be the 1.2785 level. However, the price could correct to 1.2670 and extend the uptrend upon testing the support.
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.