Japanese Candlesticks Analysis 08.05.2024 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed a Hammer pattern. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 2350.00. After testing the resistance level, the price could break above it and continue its upward momentum. However, the quotes could correct to 2300.00 before rising.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Harami reversal pattern on H4. Currently, the instrument continues to go by the reversal signal in a descending wave. The correction target might be 0.5965. After rebounding from the support level, the quotes might continue their upward trajectory. However, the price could rise to 0.6030 without testing the support level.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed a Shooting Star reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be 1.2410. However, the price could correct to 1.2550 and continue the downtrend after testing 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.