XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has formed a Hammer pattern not far from the support area. At the moment, the asset is reversing in the form of a further uptrend. In this case, the upside target may be the resistance level at 1970.00. At the same time, an opposite scenario implies that the price may correct to reach 1905.00 before resuming the ascending tendency.
NZDUSD, “New Zealand vs US Dollar”
As we can see in the H4 chart, NZDUSD has formed a Hammer reversal pattern close to the support area. At the moment, the asset is reversing in the form of a new ascending impulse. In this case, the upside target is at 0.7010. After that, the asset may break the resistance level and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.6905 first and then resume trading to the upside.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has formed an Engulfing reversal pattern near the resistance area. At the moment, the pair is reversing and may form a new descending impulse. In this case, the downside target may be at 1.2985. After testing the support level, the market may break it and continue trading downwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.3110 before resuming its decline.
Source: Roboforex
