Japanese Candlesticks Analysis 30.10.2020 (GOLD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after finishing the correction within the rising tendency and forming another Hammer pattern not far from the support area, XAUUSD may reverse and form one more slight correction, which may be followed by further decline. In this case, the downside target will be the support area at 1850.00. At the same time, an opposite scenario implies that the price may start another growth with the target at 1920.00.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the correction continues. After forming several reversal patterns, such as Hanging Man, not far from the channel’s upside border, NZDUSD is still reversing and moving towards the channel’s downside border. The downside target may be the support area at 0.6580. Still, an alternative scenario says that the pair may continue trading upwards to reach 0.6680 without testing the channel’s downside border.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the correction within the ascending tendency continues. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair is not expected to reverse but may continue falling instead; the downside target is at 1.2835. After testing the support area, the asset may rebound and resume the rising tendency. In this case, the upside target will be the resistance area at 1.3070.