Japanese Candlesticks Analysis 11.03.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, Gold continues forming the ascending channel. At the moment, the pair is reversing after finishing a Hanging Man pattern and may later test 1635.00. After that, XAUUSD may continue growing with the target at 1700.00. However, one shouldn’t ignore another scenario, according to which the instrument may return towards the rising channel’s downside border.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after breaking the descending channel’s upside border and forming a Shooting Star reversal pattern, NZDUSD has returned to the broken border. Right now, the pair is expected to reverse. We may assume that after reversing the price may reach 0.6200 and then continue falling. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may grow to return to 0.6360.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the pair is no longer trading inside the descending channel. After testing the resistance level and forming a Harami reversal pattern there, GBPUSD has returned to the channel’s upside border. Possibly, the pair may reverse and return to 1.3130. Later, the market may continue growing and continue the ascending tendency. However, there is another scenario, which implies that the instrument may fall towards 1.2700.