Japanese Candlesticks Analysis 11.06.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after testing the resistance level and forming a Harami pattern, XAUUSD is reversing. The downside target may be the support level at 1705.00. However, if the price continues growing instead of reversing, it may return to 1760.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after forming a Shooting Star pattern not far from the resistance level, NZDUSD is still moving upwards. Possibly, the pair may reverse and start a new correction to reach 0.6437. After this pullback, the instrument may resume the ascending tendency. In this case, the upside target may be at 0.6585.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has formed a Hanging Man reversal pattern while testing the resistance level. At the moment, the pair continues reversing. The correctional target is at 1.2643. After finishing the correction, the instrument may resume the ascending tendency. in this case, the upside target will be at 1.2831.
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.