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

Spot Gold

As we can see in the H4 chart, the uptrend in spot gold XAU/USD continues. After completing a “Shooting Star” reversal pattern not far from the resistance level, XAU/USD is reversing and correcting towards rising channel’s downside border. One may assume that later the pair may complete the pullback and resume trading upwards. In this case, the upside target is at 1820.84. At the same time, one shouldn’t exclude an alternative scenario, according to which the market may fall and return to 1786.00.

XAUUSD

NZD/USD

As we can see in the H4 chart, the ascending tendency in NZD/USD continues. After forming a “Hanging Man” pattern not far from the resistance level, NZD/USD is reversing and may later correct to reach the support area at 0.6520. After testing this area, the pair may resume growing towards the target at 0.6590.

NZDUSD

GBP/USD

As we can see in the H4 chart, after breaking the descending channel’s upside border and forming an “Engulfing” pattern, GBP/USD has started reversing. In this case, the downside target is at 1.2509. After testing this level, the pair may continue trading upwards.

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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