Japanese Candlesticks Analysis 22.02.2024 (XAUUSD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
Gold has formed a Hammer reversal pattern. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be the 2040.00 level. Upon testing the resistance, the price could rebound from this level and continue developing the downtrend. However, the quotes might drop to the 2020.00 mark without testing the resistance.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be the 0.6235 mark. Upon breaking the resistance, the quotes could have a chance for extending the uptrend. However, the quotes might correct to 0.6175 before rising to the resistance.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target might be the 1.2680 level. However, the quotes could drop to 1.2600 and extend the downtrend without testing the resistance.
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.