Japanese Candlesticks Analysis: GOLD, NZD/USD, GBP/USD
Maksim Artemov | Jul 02, 2020 04:56AM ET
As we can see in the H4 chart, the ascending tendency continues. After finishing the pullback and testing the support level, XAU/USD has formed a "Hammer" pattern. At the moment, the price may start reversing to continue the uptrend. In this case, the upside target is at 1791.00. At the same time, one shouldn’t exclude an alternative scenario, according to which the market may fall and return to 1755.00.
As we can see in the H4 chart, the sideways tendency continues. After forming several reversal patterns, such as "Hammer", not far from the support level, NZD/USD is reversing. Possibly, the pair may reverse and start a new growth to reach the resistance area at 0.6520. After testing this area, the instrument may resume falling towards 0.6385.
As we can see in the H4 chart, after forming a "Doji" pattern while testing the resistance level, GBP/USD has started reversing. At the moment, the pair is expected to continue the descending tendency. In this case, the downside target is at 1.2272. Still, there is another scenario, which suggests that the instrument may continue the trading upwards to reach 1.2530 without reversing and forming any significant corrections.
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.
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