Japanese Candlesticks Analysis 01.07.2022 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Shooting Star reversal pattern not far from the resistance area. At the moment, the asset may reverse in the form of a new descending impulse. In this case, the downside target may be the support level at 1785.50. At the same time, an opposite scenario implies that the price may correct to reach 1807.50 first and then fall towards the support level.

XAUUSD

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed a Harami reversal pattern close to the resistance area. At the moment, the asset may reverse in the form of another descending impulse. In this case, the downside target may be at 0.6120. After that, the asset may rebound from the support level and resume moving downwards. However, an alternative scenario implies that the price may correct to reach 0.6240 first, and then resume the descending tendency.

NZDUSD

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Hammer reversal pattern near the support level. At the moment, the pair is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance area at 1.2220. Later, the market may rebound from this level and resume falling to reach the target at 1.2005.

GBPUSD

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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Source: RoboForex


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