Japanese Candlesticks Analysis 11.02.2020 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. By now, XAUUSD has completed several reversal patterns, such as Hammer, near the channel’s downside border. At the moment, the pair is still reversing. After finishing the correction, the price may resume growing to reach the upside target at 1588.00. However, one shouldn’t ignore another scenario, according to which the instrument may break the support level and continue falling towards 1555.00.

NZDUSD

As we can see in the H4 chart, the pair is still testing the support level, where it has formed several reversal patterns, including Hammer. At the moment, NZDUSD is expected to reverse; the closest upside target may be at 0.6455. After that, the market may resume its descending tendency. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may fall to reach 0.6425 and continue forming the descending channel without reversing.