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 wave. In this case, the downside target may be at 1675.50. At the same time, the opposite scenario implies that the price may correct to reach 1720.00 first and then resume the downtrend.
NZDUSD, “New Zealand Dollar vs US Dollar”
As we can see in the H4 chart, NZDUSD has formed a Harami reversal pattern close to the support level. At the moment, the asset is reversing in the form of a correctional wave. In this case, the upside correctional target may be at 0.5800. After that, the asset may rebound from the resistance area and resume moving downwards. However, an alternative scenario implies that the price may fall to reach 0.5520 without any pullbacks.
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 level. At the moment, the pair is reversing in the form of a new descending impulse. In this case, the downside target may be the support area at 1.1065. Later, the market may break this level and continue falling. Still, there might be an alternative scenario, in which the asset may continue growing to reach 1.1550 first and then resume the downtrend.
Source: Roboforex
