XAUUSD, “Gold vs US Dollar”
Gold has formed an Engulfing pattern near the resistance level. Currently, the instrument might go by the reversal pattern in a descending wave. The decline target could be 1835.00. Upon testing the support level, the price might break it and continue developing the descending wave. However, the quotes could pull back to 1880.00 before falling.
NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Shooting Star reversal pattern on H4. Currently, the instrument might go by the reversal pattern in a descending wave. The correction target could be 0.5992. Upon rebounding from the support level, the quotes might extend the uptrend. However, the price could rise to 0.6050 and develop the uptrend without testing the support.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed an Engulfing reversal pattern on H4. Currently, the instrument might go by the reversal pattern in a descending wave. The decline target could be 1.2140. However, the price might correct to 1.2280 and extend the downtrend upon testing the resistance.
