Japanese Candlesticks Analysis 05.11.2019 (GOLD, NZDUSD)
As we can see in the H4 chart, the ascending tendency continues. By now, XAUUSD has completed Engulfing reversal pattern close to the resistance level. At the moment, the pair is reversing. In the future, the price may complete the correction and resume falling with the target at 1495.50. At the same time, we shouldn’t exclude an opposite scenario, which implies that the instrument may continue growing to reach 1525.50 without any corrections.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After forming Shooting Star pattern near the resistance level, NZDUSD is reversing. Right now, the pair is forming another correction, which may later be followed by further decline towards 0.6380. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may grow to reach 0.6470 and continue the ascending channel.
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.