XAUUSD, “Gold vs US Dollar”
Gold has formed an Engulfing reversal pattern near the resistance level. Currently, the quotes are going by the reversal signal in a descending wave. The decline target might be 1830.00. Upon testing the support level, the price could rebound from it and form an ascending wave. However, the quotes might rise to 1855.00 without testing the support.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Shooting Star reversal pattern on H4. Currently, the quotes are going by the reversal signal in a descending wave. The correction target might be 0.5940. Upon rebounding from the support, the quotes could get a chance for further development of an uptrend. However, the instrument might rise to the 0.6015 level and develop the uptrend without testing the support level.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target might be 1.2245. However, the price could drop to 1.2110 and continue the downtrend without testing the resistance.
