Japanese Candlesticks Analysis 24.05.2022 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed an Engulfing reversal pattern not far from the resistance area. At the moment, the asset is reversing in the form of a new correctional impulse. In this case, the downside correctional target may be the support level at 1840.50. At the same time, an opposite scenario implies that the price may grow to reach 1885.50 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 Doji reversal pattern close to the resistance area. At the moment, the asset is reversing in the form of a new correctional impulse. In this case, the downside target may be at 0.6390. After that, the asset may rebound from the support level and resume moving upwards. However, an alternative scenario implies that the price may grow to reach 0.6525 without any corrections.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed several reversal patterns, such as Doji, near the resistance level. At the moment, the pair is reversing in the form of a new correctional impulse. In this case, the downside correctional target may be at 1.2515. After testing the support area, the market may rebound from it and resume trading upwards. Still, there might be an alternative scenario, according to which the asset may grow to reach 1.2670 without testing the support area.

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.