XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has formed a Hammer reversal pattern not far from the support area. At the moment, the asset is reversing in the form of another rising impulse. In this case, the upside target may be the resistance level at 1995.00. At the same time, an opposite scenario implies that the price may correct to reach 1940.00 before resuming the ascending tendency.
NZDUSD, “New Zealand vs US Dollar”
As we can see in the H4 chart, NZDUSD has formed a Hanging Man reversal pattern close to the resistance area. At the moment, the asset is reversing in the form of a new descending impulse. In this case, the downside target is at 0.6630. After that, the asset may break the support level and continue moving downwards. However, an alternative scenario implies that the price may correct to reach 0.6755 first and then resume falling.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has formed a Shooting Star 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 1.2925. 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 1.3040 and then resume the downtrend.
Source: Roboforex
