Japanese Candlesticks Analysis 27.12.2019 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After breaking the rising channel’s upside border, XAUUSD has formed Hanging Man reversal pattern. Right now, the downside target may be at 1491.50. At the same time, we shouldn’t exclude an opposite scenario, which implies that the instrument may continue trading upwards to reach 1523.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming Shooting Star pattern in the center of the channel, NZDUSD is still trading inside this range. In case the price reverses, the downside target may be the closest support level at 0.6637. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may update its highs and grow towards 0.6721.