Japanese Candlesticks Analysis 29.12.2021 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the asset is still trading upwards. After forming an Engulfing reversal pattern not far from the resistance level, XAUUSD may reverse and continue forming its correctional impulse. In this case, the downside target may be the support area at 1795.50. At the same time, an opposite scenario implies that the price may continue growing to reach 1835.00 without any corrections towards the support area.
NZDUSD, “New Zealand vs US Dollar”
As we can see in the H4 chart, NZDUSD has formed an Engulfing reversal pattern close to the resistance area. At the moment, the asset is reversing and may form a new descending impulse towards the support level. In this case, the downside target may be at 0.6740. After that, the asset may break this level and continue moving downwards. However, an alternative scenario implies that the price may correct to reach 0.6825 before resuming its decline.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has formed a Hanging Man reversal pattern near the resistance area. At the moment, the pair may reverse and continue the correctional wave. In this case, the downside correctional target may be at 1.3390. After testing the support level, the market may rebound from it and resume trading upwards. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 1.3490 without any corrections towards the support 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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