Japanese Candlestick Analysis 12.11.2021 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold is forming a correctional wave. At the resistance level, gold has formed several reversal patterns, including a Hanging Man. Going by the signal now, the price might start correcting. The aim of the pullback is the support level of 1845.00. However, the quotations can still grow to 1885.00 and go on growing without a test of the support level.
NZDUSD, “New Zealand Dollar vs US Dollar”
On H4, at the support level, the pair has formed a Harami reversal pattern. Currently, if the quotations go by the pattern, they can grow to the resistance area. The aim of growth is 0.7085. After a breakaway of the support level, the quotations can continue the uptrend. However, the quotations can still drop to 0.6960 without going by the signal of the pattern.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, at the support level, the pair formed several reversal patterns, including an Engulfing. Currently, going by the reversal signal, the quotations can pull back to the resistance line. The aim of the pullback is 1.3460. After the test of the resistance level, the price can bounce off and continue the descending impulse. However, the quotations can go down to 1.3285 after a correction at the resistance level.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.