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

By Maksim ArtemovForexNov 04, 2020 04:14AM ET

www.investing.com/analysis/japanese-candlesticks-analysis-gold-nzdusd-gbpusd-200543445

By Maksim Artemov | Nov 04, 2020 04:14AM ET

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XAU/USD

As we can see in the H4 chart, after finishing another correction within the rising tendency and forming a "Hammer" pattern not far from the support area, XAU/USD is reversing and may form a slight correction, which may be followed by further growth. In this case, the upside target will be the resistance area at 1930.00. At the same time, an opposite scenario implies that the price may start another decline with the target at 1875.00 before resuming its ascending tendency.

XAUUSD

NZD/USD

As we can see in the H4 chart, the correction continues. After forming several reversal patterns, such as "Shooting Star", not far from the channel’s upside border, NZD/USD is still reversing and moving towards the channel’s downside border. The downside target may be the support area at 0.6610. Still, an alternative scenario says that the pair may continue trading upwards without testing 0.6610.

NZDUSD

GBP/USD

As we can see in the H4 chart, the ascending tendency 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 reversing and correcting, and may later continue falling with the target at 1.2955. After testing the support area, the asset may rebound and resume the rising tendency. In this case, the upside target will be the resistance area at 1.3160.

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

XAU/USD

NZD/USD

GBP/USD

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