Japanese Candlesticks Analysis 07.07.2021 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is still rebounding far from the support level, where it has formed several reversal patterns, such as Harami. At the moment, XAUUSD may reverse and start a new growth to reach the resistance area at 1830.00. At the same time, an opposite scenario implies that the price may correct towards 1770.00 before resuming the ascending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the ascending impulse continues. By now, NZDUSD has formed several reversal patterns, such as Harami and Inverted Hammer, close to the support level. The correctional target is the resistance area at 0.7000. After testing this level, the asset may rebound from it and resume moving downwards. However, an alternative scenario implies that the price may fall towards 0.6975 without reversing and correcting.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another correction within the downtrend. By now, GBPUSD has formed several reversal patterns, such as Harami, not far from the support area. At the moment, the pair may reverse and start a new pullback towards the resistance level. In this case, the correctional target may be at 1.3880. After testing it, the market may rebound and resume falling to reach the support area at 1.3700. Still, there might be an alternative scenario, according to which the asset may continue falling towards the support area without reversing and correcting.

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.