Japanese Candlesticks Analysis 29.08.2019 (GOLD, NZDUSD)

August 29, 2019

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. There was a gap at the beginning of the week; after completing another reversal pattern, Shooting Star, XAUUSD is still testing the channel’s upside border. Right now, the pair is trading sideways. The downside target may be at 1495.00. At the same time, we shouldn’t exclude a possibility that the instrument may break the closest high, reach 1565.00 and continue forming the ascending channel.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand vs. US Dollar”


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As we can see in the H4 chart, the descending channel continues. NZDUSD has formed Harami reversal pattern close to the channel’s upside border. Right now, the pair is reversing. At the moment, it may be assumed that after completing another correction, the price may fall to update its closest lows. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may rebound from the support level and grow towards 0.6370.

NZDUSD

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.