Japanese Candlesticks Analysis: Gold, NZD/USD, GBP/USD

  


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, 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.

XAUUSD

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, 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.

NZDUSD

GBP/USD 

As we can see in the H4 chart, after forming several reversal patterns, including “Harami”, close to the resistance level, 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.

GBPUSD

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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