Japanese Candlesticks Analysis 06.02.2020 (GOLD, NZDUSD)

06.02.2020

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. By now, XAUUSD has completed several reversal patterns, such as Hammer, near the channel’s downside border. At the moment, the pair is reversing. The upside target may be at 1585.00. However, one shouldn’t ignore another scenario, according to which the instrument may resume falling towards 1540.00.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the pair is still 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 0.6530. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may fall to reach 0.6425 and continue forming the descending channel.

NZDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.

The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.