Japanese Candlesticks Analysis 05.03.2021 (GOLD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the descending tendency continues. After forming several reversal patterns, such as Hammer, close to the channel’s downside border, XAUUSD is reversing and may later correct towards the resistance area. In this case, the correctional target will be at 1740.50. At the same time, an opposite scenario implies that the price may continue its decline towards 1670.00 without reversing and correcting.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the pair is still correcting within the uptrend. By now, NZDUSD has formed several reversal patterns, such as Hammer, close to the support level. The upside target may be the resistance area at 0.7245. However, an alternative scenario implies that the price may continue its decline towards 0.7140 without reversing and correcting.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another correctional wave. Right now, after forming several reversal patterns, such as Hammer, not far from the support area, GBPUSD may reverse and resume trading upwards. In this case, the upside target may be the resistance area at 1.4020. After that, the instrument may continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 1.3800 and test the channel’s downside border before resuming its growth.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.