Japanese Candlesticks Analysis 29.01.2020 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the sideways movement within the ascending tendency continues. By now, XAUUSD has completed several reversal patterns, such as Shooting Star, close to the rising channel’s upside border. At the moment, the pair is reversing. Later, the market may form a slight correction and then continue moving to reach 1545.00. However, one shouldn’t ignore another scenario, according to which the instrument may continue the ascending tendency towards 1545.00 without any corrections.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the pair is moving near the support level, where it has formed several reversal patterns, including Hammer. At the moment, NZDUSD is expected to reverse; the closest upside target may be at 0.6575. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may fall to reach 0.6508.