Japanese Candlesticks Analysis 04.02.2021 (GOLD, NZDUSD, GBPUSD)

February 4, 2021

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the metal is still trading downwards. Right now, after forming several reversal patterns, such as Shooting Star, close to the horizontal resistance level, XAUUSD is reversing and may resume falling towards the support area. In this case, the downside target will be at 1800.00. At the same time, an opposite scenario implies that the price may continue its growth towards 1874.00 before falling to reach the support area.

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

NZDUSD, “New Zealand vs. US Dollar”


Get our Weekly Commitment of Traders Reports: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter






As we can see in the H4 chart, the pair is still moving upwards. Right now, after forming several reversal patterns, such as Hammer, close to the support level, NZDUSD is reversing. Later, the asset may grow and reach the resistance area at 0.7275. However, an alternative scenario implies that the price may continue falling towards 0.7150 before resuming the ascending impulse.

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, the downtrend continues. Right now, after forming a Hanging Man pattern not far from the resistance area, GBPUSD is reversing. In this case, the downside target is the support level at 1.3530. After that, the instrument may correct to the upside from the support area and then resume moving downwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 1.3712 before resuming its decline.

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.