XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has formed an Engulfing reversal pattern not far from the support area. At the moment, the asset may reverse in the form of a new ascending impulse. In this case, the upside target may be the resistance level at 1837.00. At the same time, an opposite scenario implies that the price may fall to reach 1812.50 without any pullbacks towards the resistance level.
NZDUSD, “New Zealand vs US Dollar”
As we can see in the H4 chart, NZDUSD has formed an Engulfing reversal pattern close to the resistance area. At the moment, the asset may reverse in the form of a new descending impulse. In this case, the downside target may be at 0.6235. After that, the asset may break the support level and continue moving downwards. However, an alternative scenario implies that the price may grow to reach 0.6340 first, and then resume the descending tendency.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has formed a Harami reversal pattern near the support level during the correction. At the moment, the pair is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance area at 1.2365. Later, the market may rebound from this level and resume falling to reach the target at 1.2150.
Source: Roboforex
