Japanese Candlesticks Analysis 31.07.2019 (GOLD, NZDUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. XAUUSD has formed Inverted Hammer pattern near the support level. Right now, the pair is trying to reverse. In case the pair continues growing, the target will be at 1450.00. At the same time, we shouldn’t exclude an opposite scenario, which implies that the price may break the support level and fall towards 1400.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, NZDUSD continues forming the ascending channel. Right now, it is testing the channel’s downside border, 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 0.6555.