Japanese Candlesticks Analysis 01.11.2021 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is trading upwards. After forming several reversal patterns, such as Hammer, not far from the support level, XAUUSD may reverse and form a new rising impulse. In this case, the upside target may be the resistance area at 1815.00. At the same time, an opposite scenario implies that the price may correct towards 1775.00 first and then resume trading upwards.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, after rebounding from the resistance level, NZDUSD has formed several reversal patterns, such as Hammer, close to the support area. At the moment, the asset is reversing in the form of new growth. In this case, the upside target may be at 0.7255. After that, the asset may break the resistance level and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.7120 before resuming its ascending tendency.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed several reversal patterns, such as Harami and Doji, not far from the support area. At the moment, the pair may reverse and resume growing. In this case, the upside target may be at 1.3830. After testing the resistance level, the market may break it and continue trading upwards. Still, there might be an alternative scenario, according to which the asset may correct towards 1.3625 before resuming the ascending tendency.

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.