Japanese Candlesticks Analysis 07.03.2022 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Shooting Star pattern not far from the resistance level. At the moment, the asset is reversing in the form a new descending impulse. In this case, the downside correctional target may be the support area at 1955.50. At the same time, an opposite scenario implies that the price may grow to reach 2010.00 and continue the ascending tendency without any corrections.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Hanging Man reversal pattern close to the resistance area. At the moment, the asset is reversing and may form a new correctional impulse towards the support level. In this case, the downside target is at 0.6855. After that, the asset may rebound from this level and resume moving upwards. However, an alternative scenario implies that the price may grow to reach 0.6975 without any corrections.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Harami reversal pattern near the support area. At the moment, the pair is reversing in the form of a new ascending impulse. In this case, the upside target may be at 1.3300. After testing the resistance level, the market may rebound from it and resume trading downwards. Still, there might be an alternative scenario, according to which the asset may fall to reach 1.3105 and continue the downtrend without any corrections.

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.