Japanese Candlesticks Analysis 21.08.2019 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming another Shooting Star reversal pattern, XAUUSD is still trading sideways and testing the channel’s upside border. and may reverse. The upside target after the price breaks Flat may be at 1565.04. At the same time, we shouldn’t exclude a possibility that the instrument may break the support level at 1485.84 and continue forming the descending channel.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, NZDUSD is still trading close to the support level, where it is forming several reversal patterns, including Harami. Right now, the pair is still moving sideways. In this case, it may be assumed that after completing its sideways movement, the price may reverse and grow towards the resistance line at 0.6555. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may complete the correction, break the support level at 0.6387, and continue falling.