Japanese Candlesticks Analysis 17.04.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after testing another resistance level and forming several reversal patterns, such as Long-Legged Doji, Gold is reversing. The downside target is the support level at 1663.06. Later, the pair may rebound from the support level and resume the rising tendency. In this case, the upside target may be at 1750.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the price is no longer moving inside the rising channel. After testing the support level and finishing a Harami reversal pattern, NZDUSD is reversing. Possibly, the pair complete the correction and resume trading upwards to reach the target at 0.6092. Still, one shouldn’t exclude another scenario, which says that the instrument may fall and return to 0.5935.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the pair continues growing within the rising channel. By now, GBPUSD has formed several reversal patterns, such as Harami, close to the support level. At the moment, the pair is reversing and may later resume growing with the target at 1.2623. However, there is another scenario, which implies that the instrument may fall and test 1.2377.