Japanese Candlesticks Analysis 13.12.2021 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is trading upwards. After forming an Engulfing reversal pattern not far from the support level, XAUUSD may reverse and continue forming its 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 1770.00 first and then resume trading upwards.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, 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 a new growth towards the resistance level. In this case, the upside target may be at 0.6845. After that, the asset may rebound from this level and resume moving downwards. However, an alternative scenario implies that the price may fall to reach 0.6680 without testing the resistance level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Harami reversal pattern resistance area. At the moment, the pair may reverse and start a new descending wave. In this case, the downside target may be at 1.3155. After testing the support level, 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 1.3330 before resuming the downtrend.

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.