Japanese Candlesticks Analysis 05.01.2022 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is still trading upwards. After forming an Engulfing reversal pattern not far from the support level, XAUUSD is reversing and may continue forming its ascending impulse. In this case, the upside target may be the resistance area at 1835.50. At the same time, an opposite scenario implies that the price may return to 1805.00 before resuming its ascending tendency.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Hammer reversal pattern close to the support area. At the moment, the asset is reversing and may form a new ascending impulse towards the resistance level. In this case, the upside target may be at 0.6835. 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 0.6700 without any corrections towards the resistance level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Shooting Star reversal pattern near the resistance area. At the moment, the pair may reverse and start a new pullback. In this case, the downside correctional target may be at 1.3485. After testing the support level, the market may rebound from it and resume trading upwards. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 1.3590 without any corrections towards the support 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.