Japanese Candlesticks Analysis 27.04.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after testing the resistance level and forming several reversal patterns, such as Gravestone Doji, Gold is reversing. In this case, the downside target may be the support line, from which the pair rebounded several times earlier. If the price breaks this line, the next target will be at 1680.00. At the same time, the instrument may choose an opposite scenario and continue trading upwards without testing the support line. The upside target remains at 1750.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the price is still moving inside the rising channel. After finishing an Inverted Hammer pattern, NZDUSD is reversing. In this case, the upside target may be at 0.6120. Still, one shouldn’t exclude another scenario, which says that the instrument may fall and return to 0.6000.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after testing the channel’s downside border, GBPUSD has formed several reversal patterns, such as Inverted Hammer. At the moment, the pair is reversing and may later resume the ascending tendency with the target at 1.2550. However, there is another scenario, which implies that the instrument may fall towards 1.2315.