Japanese Candlesticks Analysis 21.05.2020 (GOLD, NZDUSD, GBPUSD)

May 21, 2020

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after forming a Hanging Man pattern, XAUUSD has reversed; right now, it is correcting downwards to reach 1730.00. If later the price rebounds from this level, the uptrend may resume. In this case, the upside target may be at 1777.00

XAUUSD
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, NZDUSD is testing another resistance level; it has already formed a Shooting Star reversal pattern. At the moment, the pair is reversing. The current situation implies that the price may form a slight correction towards 0.6072 and then resume moving upwards. In this case, the upside target may be at 0.6220.

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

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after forming a Hammer pattern and rebounding from the support level, GBPUSD has reversed. At the moment, the pair is expected to continue forming the descending impulse. The downside target remains at 1.2010. However, there is another scenario, which implies that the instrument may return to 1.2340.

GBPUSD

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.