Japanese Candlesticks Analysis: GOLD, NZD/USD, GBP/USD
Maksim Artemov | Oct 19, 2020 03:32AM ET
As we can see in the XAU/USD H4 chart, the rising tendency continues. After forming another "Hammer" pattern not far from the support area, XAU/USD is reversing. The next upside target may be the resistance area at 1945.00. At the same time, an opposite scenario implies that the price may form another correction with the target at 1865.00 before resuming the uptrend.
As we can see in the NZD/USD H4 chart, the correction continues. After forming several reversal patterns, such as "Harami", at the top of the correction, NZD/USD may reverse and resume moving downwards. The next downside target may be the support area at 0.6515. Still, an alternative scenario says that the pair may continue trading upwards to reach the channel’s upside border at 0.6710.
As we can see in the GBP/USD H4 chart, the correction within the uptrend continues. By now, GBP/USD has formed several reversal patterns, such as "Hammer", not far from the support area. At the moment, the pair is still reversing and may later grow to reach the target at 1.3065. However, there might be another scenario, according to which the price may return to 1.2845 before resuming its growth.
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.
/h3
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.