Japanese Candlesticks Analysis 25.08.2023 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed a Doji reversal pattern near the resistance level. Currently, the instrument could go by the reversal signal in a descending wave. The decline target might be 1900.00. Upon testing the support, the price could break it and continue the downtrend. However, the quotes might pull back to 1930.50 before falling.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Hanging Man reversal pattern on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be 0.5855. Upon breaking the support, the quotes might get the chance to continue the downtrend. However, a correction to 0.5945 and further development of the downtrend after the pullback are not excluded.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed a Shooting Start reversal pattern on H4 near the resistance. Currently, the instrument is going by the reversal signal in a descending wave. The decline target could be 1.2515. However, a correction to 1.2625 and further development of the downtrend might follow the test of the resistance.
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