Japanese Candlesticks Analysis 08.06.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed an Engulfing reversal pattern near the support level. Currently, the instrument might go by the reversal signal in a corrective wave. The growth target could be 1958.50. Upon testing the resistance level, the price might rebound from it and continue the downtrend. However, the quotes could drop to 1925.00 without testing the resistance level.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The pullback target could be 0.6100. After rebounding from the resistance, the quotes might get a chance to continue the downtrend. However, the price could drop to 0.5990 and develop the downtrend without any correction.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed an Engulfing reversal pattern on H4 near the support level. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target could be 1.2475. However, the price might drop to 1.2400 and continue the downtrend without testing the resistance level.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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