Japanese Candlesticks Analysis 30.08.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed a Hanging Man reversal pattern near the resistance line. Currently, the instrument might go by the reversal signal in a descending wave. The decline target could be 1928.50. Upon testing the support, the quotes might rebound from it and continue the uptrend. However, the quotes could drop to 1928.50 before growing.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Doji reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target could be 0.5900. Upon breaking the support, the quotes might get a chance for continuing the downtrend. However, the quotes might correct to 0.6010 and develop the downtrend after the pullback.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed an Engulfing reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target could be 1.2690. However, the price might drop to 1.2570 and continue the downtrend without testing 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.