Japanese Candlesticks Analysis: Gold, NZD/USD, GBP/USD
Maksim Artemov | Jul 07, 2020 04:35AM ET
XAU/USD
As we can see in the H4 chart, the uptrend continues. After finishing another "Doji" reversal pattern not far from the rising channel’s downside border, XAU/USD is reversing and correcting from the horizontal resistance level. One may assume that later the pair may complete the pullback and resume trading upwards. In this case, the upside target is at 1800.00. At the same time, one shouldn’t exclude an alternative scenario, according to which the market may fall and return to 1759.50.
NZD/USD
As we can see in the H4 chart, the ascending tendency continues. After forming a "Harami" pattern not far from the resistance level, NZD/USD is reversing and may later reach the support area at 0.6520. After testing this area, the instrument may resume growing towards the target at 0.6590.
GBP/USD
As we can see in the H4 chart, after forming several reversal patterns, including "Harami", close to 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 1.2355. Still, there is another scenario, which suggests that the instrument may continue trading upwards to reach 1.2620 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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