Japanese Candlesticks Analysis 07.09.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed an Engulfing reversal pattern near the support level. Currently, the instrument could go by the reversal signal in an ascending wave. The growth target might be 1930.00. Upon testing the resistance level, the price could break it and continue the uptrend. However, the quotes might pull back to 1910.00 before the rise.
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 pullback target might be 0.5915. Upon rebounding from the resistance, the quotes could get a chance to continue the downtrend. However, the price could drop to 0.5830 and develop a downtrend without testing the resistance level.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed a Harami reversal pattern on H4. Currently, the instrument could go by the reversal signal in an ascending wave. The correction target might be 1.2540. However, the price could drop to 1.2460 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.