Japanese Candlesticks Analysis 18.08.2021 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the asset continues recovering. After forming several reversal patterns, such as Engulfing, not far from the resistance level, XAUUSD may reverse and start a new pullback to reach the support area at 1770.00. At the same time, an opposite scenario implies that the price may continue growing towards 1820.00 without any corrections.
NZDUSD, “New Zealand vs US Dollar”
As we can see in the H4 chart, after testing the support area, NZDUSD has formed several reversal patterns, such as Hammer. At the moment, the asset may reverse and rebound from the support area. In this case, the upside target may be the resistance level at 0.7000. After testing this level, the asset may break it and continue moving upwards. However, an alternative scenario implies that the price may correct towards 0.6870 before resuming its growth.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the asset is about to complete the correction. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair may reverse and start a new growth towards the resistance level. In this case, the upside target may be at 1.3825. After testing this level, the market may break it and continue growing. Still, there might be an alternative scenario, according to which the asset may fall towards the next support area at 1.3690 before resuming its ascending tendency.
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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