Japanese Candlesticks Analysis 28.05.2021 (XAUUSD, NZDUSD, GBPUSD)
28.05.2021XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the correction continues. After forming several reversal patterns, such as Shooting Star, close to the resistance level, XAUUSD is reversing and may form a new pullback to reach the support area at 1870.00. At the same time, an opposite scenario implies that the price may continue growing towards 1920.00 without testing the support area.
NZDUSD, “New Zealand vs US Dollar”
As we can see in the H4 chart, the correctional impulse continues. By now, NZDUSD has formed several reversal patterns, such as Shooting Star, close to the resistance level. The pattern materialization target may be the channel’s downside border at 0.7210. Later, the price may test this level, rebound from it, and resume moving upwards. However, an alternative scenario implies that the price may continue growing towards 0.7325 without testing the support level.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the asset is correcting within the uptrend. By now, GBPUSD has formed several reversal patterns, such as Hanging Man, not far from the resistance area. At the moment, the pair may reverse and start a new pullback upwards. In this case, the next upside target after the pullback may be at 1.4290. Later, the instrument may break the resistance level and boost its ascending tendency. Still, there might be an alternative scenario, according to which the asset may return to 1.4100 before resuming the ascending tendency.
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.