Japanese Candlestick Analysis 19.07.2022 (XAUUSD, NZDUSD, GBPUSD) :: InvestMacro

Article by RoboForex.com

XAUUSD, “Gold vs. US Dollar”

As we can see on the 4-hour chart, XAUUSD formed several reversal patterns, such as inverted hammerNot far from the support area. At the moment, the asset may reverse as a new ascending impulse wave. In this case, the bullish corrective target may be the resistance level 1725.50. At the same time, the opposite scenario indicates that the price may continue falling to reach 1690.00 without any setbacks.

NZDUSD, “New Zealand against the US Dollar”

As we can see on the four-hour chart, the New Zealand dollar against the US dollar has formed sweeping Reversal pattern near the support level. At the moment, the asset may reverse as another ascending impulse wave. In this case, the bullish corrective target may be at 0.6225. After that, the asset may bounce back from the resistance area and resume the move down. However, the alternative scenario means that the price may fall to 0.6125 without any corrections.

GBPUSD, “Great British Pound to US Dollar”

As we can see on the four-hour chart, the pound against the US dollar has formed inverted hammer Reversal pattern near the support level. At the moment, the pair may reverse in the form of a new ascending impulse. In this case, the bullish corrective target might be the resistance area at 1.2055. Later, the market may bounce from this level and resume the decline. However, there may be an alternative scenario, where the asset may continue falling to reach the 1.1870 support level without testing 1.2055.

Article by RoboForex.com

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Forecasts presented in this section only reflect the author’s own opinion and should not be considered guidelines for trading. RoboForex LP does not assume any responsibility for the trading results based on the trading recommendations described in these analytical reviews.