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

Published 09/25/2020, 03:32 AM
Updated 07/09/2023, 06:32 AM

XAU/USD

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.
XAUUSD
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.
NZDUSD
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.
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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