Japanese Candlesticks Analysis 03.11.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, "Gold vs US Dollar"
Gold has formed a Hammer reversal pattern. Currently, the instrument might go by the reversal signal in an ascending wave. The growth target could be 2025.00. Upon testing the resistance, the price might break it and continue developing the ascending wave. However, the quotes could pull back to 1965.50 before rising.
NZDUSD, "New Zealand Dollar vs US Dollar"
NZDUSD has formed a Shooting Star reversal pattern on H4. Currently, the instrument might go by the reversal signal in a descending wave. The correction target could be 0.5865. Upon rebounding from the support, the quotes could get a chance for extending the uptrend. However, the price might rise to 0.5940 and develop an uptrend without testing the support 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 1.2240. However, the price might drop to 1.2125 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.