Japanese Candlesticks Analysis 16.05.2022 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed an Inverted Hammer reversal pattern not far from the support area. At the moment, the asset is reversing in the form of another ascending impulse. In this case, the upside target may be the resistance level at 1830.50. At the same time, an opposite scenario implies that the price may fall to reach 1780.50 and continue the descending tendency without any pullbacks.

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 in the form of a new rising correctional impulse. In this case, the upside target may be at 0.6325. After that, the asset may rebound from the resistance level and resume moving downwards. However, an alternative scenario implies that the price may fall to reach 0.6180 without any corrections.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Hammer reversal pattern near the support level. At the moment, the pair is reversing and may form a new correctional impulse. In this case, the upside target correctional may be at 1.2330. After testing the resistance area, 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 1.2110 without any pullbacks.

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.