Japanese Candlesticks Analysis 19.07.2022 (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 Inverted 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 1725.50. At the same time, the opposite scenario implies that the price may continue falling to reach 1690.00 without any pullbacks.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed an Engulfing reversal pattern close to the support level. At the moment, the asset may reverse in the form of another ascending impulse. In this case, the upside correctional target may be at 0.6225. After that, the asset may rebound from the resistance area and resume moving downwards. However, an alternative scenario implies that the price may fall to reach 0.6125 without any corrections.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed an Inverted 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 1.2055. Later, the market may rebound from this level and resume falling. Still, there might be an alternative scenario, in which the asset may continue falling to reach the support level at 1.1870 without testing 1.2055.

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.