Japanese Candlesticks Analysis 05.06.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed a Hammer reversal pattern near the support level. The instrument could now go by the reversal signal in an ascending wave. The growth target might be 1960.00. After testing the resistance, the price could rebound and continue the downtrend. However, the quotes could drop to 1925.00 without testing the resistance.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, NZDUSD has formed a Hammer reversal pattern. The instrument is now going by the reversal signal in an ascending wave. The pullback target might be 0.6100. After a rebound from the resistance level, the quotes could get a chance for continuing the downtrend. However, the price could drop to 0.5995 and develop a downtrend without a correction.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, near the support level, GBPUSD has formed a Doji reversal pattern. The instrument could now go by the reversal signal in an ascending wave. The correction target might be 1.2510. However, the price might go down to 1.2390 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.