Japanese Candlesticks Analysis 31.10.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, "Gold vs US Dollar"
Gold has formed a Hanging Man reversal pattern. Currently, the instrument is going by the reversal signal in a descending wave. The correction target could be 1965.00. After testing the support level, the price could rebound and develop an ascending wave. However, the quotes might rise to 2025.00 without a pullback.
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 might be 0.5865. After rebounding from the resistance level, the quotes could continue a downward movement. However, the price might drop to 0.5775 and develop a 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 is going by the reversal signal in an ascending wave. The correction target could be 1.2180. However, the price could drop to 1.2090 and continue its downward movement without pulling back to the resistance level.
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.