Japanese Candlesticks Analysis 07.10.2022 (XAUUSD, NZDUSD, GBPUSD)

07.10.2022

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Shooting Star reversal pattern not far from the resistance area. At the moment, the asset may reverse in the form of a new descending wave. In this case, the downside target may be at 1690.00. At the same time, the opposite scenario implies that the price may grow to reach 1730.50 first and then resume the downtrend.

XAUUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand Dollar vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Doji reversal pattern close to the support level. At the moment, the asset is reversing in the form of another correctional wave. In this case, the upside correctional target may be at 0.5735. After that, the asset may rebound from the resistance area and resume moving downwards. However, an alternative scenario implies that the price may continue falling to reach 0.5550 without testing the resistance area.

NZDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Harami reversal pattern near the support level. At the moment, the pair is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance area at 1.1320. Later, the market may rebound from this level and resume falling. Still, there might be an alternative scenario, in which the asset may continue falling to reach the support level at 1.0850 without any pullbacks.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.