Japanese Candlesticks Analysis 08.01.2020 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After breaking the rising channel’s upside border, XAUUSD has formed Shooting Star reversal pattern. Right now, the pair may start a new correction; the downside target may be at 1560.00. At the same time, we shouldn’t exclude an opposite scenario, which implies that the instrument may continue trading upwards to reach 1635.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After forming Hammer pattern near the channel’s downside border, NZDUSD is still trading inside this range. In case the price reverses, the upside target may be the closest resistance level at 0.6747. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may fall towards 0.6721.