Gold, NZD/USD, GBP/USD: Japanese Candlestick Analysis
Maksim Artemov | Sep 25, 2020 03:32AM ET
As we can see in the H4 chart, the pair is testing the channel’s downside border. By now, XAU/USD has formed several reversal patterns, such as "Inverted Hammer", not far from the support area. Later, the price is expected to reverse and form a slight pullback towards 1895.00, which may be followed by further decline with the target at 1837.00. At the same time, an opposite scenario implies that the price may return to 1900.00.
NZD/USD
As we can see in the H4 chart, after completing a quick decline, NZD/USD is trading close to the horizontal support level and has already formed several reversal patterns, including "Engulfing". Possibly, the pair may rebound from the support area and correct for a while to reach 0.6595 before further decline. In this case, the downside target will be the support level at 0.6456.
GBP/USD
As we can see in the H4 chart, GBP/USD is still correcting within the downtrend; by now, it has formed several reversal patterns, such as "Hammer". Considering that the Pound is losing positions quickly, it is expected to reverse and form a slight correction, which may be followed by further decline. In this case, the downside target will be at 1.2585. However, there might be another scenario, according to which the price may start a new pullback towards 1.2965.
Disclaimer: 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.
/h2
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.