XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after forming a Hanging Man reversal pattern not far from the resistance level, XAUUSD is reversing and may continue forming its correctional impulse. In this case, the downside correctional target is the support area at 1800.00. At the same time, an opposite scenario implies that the price may grow to reach 1830.00 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 Engulfing. At the moment, the asset is reversing and may form a new descending impulse towards the support level. In this case, the downside target is at 0.6570. After that, the asset may break this level and continue moving downwards. However, an alternative scenario implies that the price may correct to reach 0.6650 first and then resume trading to the downside.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has formed an Engulfing reversal pattern during the pullback. At the moment, the pair is reversing in the form of a new descending impulse. In this case, the downside target may be at 1.3380. 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 1.3480 before resuming the downtrend.
Source: Roboforex
