Japanese Candlesticks Analysis 14.07.2022 (XAUUSD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the asset may reverse in the form of a new rising impulse. In this case, the upside correctional target may be the resistance level at 1770.50. At the same time, the opposite scenario implies that the price may continue falling to reach 1710.50 without any pullbacks.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Harami reversal pattern during the pullback. At the moment, the asset may reverse in the form of another descending impulse. In this case, the downside target may be at 0.6055. After that, the asset may break the support level and continue moving downwards. However, an alternative scenario implies that the price may correct to reach 0.6165 first and then resume the descending tendency.

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 may reverse in the form of a new ascending impulse. In this case, the upside correctional target may be the resistance area at 1.1930. Later, the market may rebound from this level and resume falling. Still, there might be an alternative scenario, according to which the asset may fall to reach the support level at 1.1730 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.