Japanese Candlesticks Analysis 05.08.2019 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After breaking the channel near the support level, XAUUSD has formed Hammer reversal pattern and reversed. The upside target is at 1475.35. At the same time, we shouldn’t exclude a possibility of slight corrections.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after breaking the rising channel’s downside border, NZDUSD is testing the horizontal support level, where it has formed Hammer pattern. In this case, the price may reverse and grow towards the resistance line at 0.6767. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may break the support level and continue falling towards the next target at 0.6400.
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.