Japanese Candlesticks Analysis 31.05.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Near the support level, Gold has formed an Engulfing reversal pattern. The instrument is now going by the reversal signal in an ascending wave. The growth target could be 1983.00. Upon testing the resistance level, the price might rebound from it and continue the downtrend. However, the quotes could drop to 1940.00 without testing the resistance.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, NZDUSD has formed a Doji reversal pattern. Currently, the instrument is going by the reversal signal in a descending wave. The decline target could be 0.5963. Upon breaking the support level, the quotes could continue the downtrend. However, the price might correct to 0.6060 and develop the downtrend after the correction.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, near the resistance level, GBPUSD has formed a Harami reversal pattern. Currently, the instrument is going by the reversal signal in a descending wave. The decline target could be 1.2322. However, the price could correct to 1.2335 and continue the downtrend after 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.