XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the asset is moving downwards. After forming a Harami reversal pattern not far from the resistance level, XAUUSD is reversing and may continue forming its correctional impulse. In this case, the downside target is the support area at 1830.00. At the same time, an opposite scenario implies that the price may grow to reach 1855.00 and continue its ascending tendency 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 Inverted Hammer reversal pattern close to the support area. At the moment, the asset is reversing and may form a new ascending impulse towards the resistance level. In this case, the upside target remains at 0.6755. After that, the asset may break this level and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.6685 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 a Shooting Star pattern near the resistance area. At the moment, the pair may reverse and start a new descending impulse. In this case, the downside target may be at 1.3450. 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 1.3625 before resuming the downtrend.
Source: Roboforex
