Japanese Candlesticks Analysis 14.10.2021 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset continues trading upwards. After forming several reversal patterns, such as Shooting Star, not far from the resistance level, XAUUSD is reversing and may form a new correctional impulse. In this case, the downside target may be the support area at 1777.00. At the same time, an opposite scenario implies that the price may continue growing towards 1810.00 without any corrections.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed several reversal patterns, such as Engulfing, close to the support level. At the moment, the asset is reversing in the form of a new growth. In this case, the upside target may be the resistance area at 0.7030. After that, the asset may break it and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.6910 before resuming its ascending tendency.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after breaking the channel’s upside border, the asset continues growing. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair is reversing in the form of another growth. In this case, the upside target may be at 1.3750. After testing the resistance level, the market may break it and continue growing. Still, there might be an alternative scenario, according to which the asset may correct towards 1.3600 before resuming the uptrend to reach the resistance level.

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.