Japanese Candlesticks Analysis 03.12.2021 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is correcting. After forming an Inverted Hammer reversal pattern 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 1795.00. At the same time, an opposite scenario implies that the price may fall towards 1750.00 first and then resume trading upwards.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD continues trading sideways; it has formed several reversal patterns, such as Harami. At the moment, the asset is reversing in the form of a new decline towards the next support area. In this case, the downside target may be at 0.6730. After that, the asset may break this level and continue moving downwards. However, an alternative scenario implies that the price may correct to reach 0.6835 before resuming its decline.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD continues trading sideways not far from the support area, where it has formed several reversal patterns, for example, Harami. At the moment, the pair may reverse and start a new descending impulse. In this case, the downside target may be at 1.3190. After testing the next support area, the market may break it and continue trading downwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.3370 before resuming its descending 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.