Japanese Candlesticks Analysis 08.08.2019 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After forming Hanging Man pattern, XAUUSD is testing the channel’s upside border. At the moment, the pair is reversing. The target of the pullback is at 1452.75. At the same time, we shouldn’t exclude a possibility that the instrument may break the border and continue moving upwards without a significant correction.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, NZDUSD is testing the horizontal support level, where it has formed Hammer pattern. Right now, the pair is rebounding from the support line. In this case, the price may reverse and grow towards the resistance line at 0.6555. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may complete the correction, break the support level, and continue falling towards the next target at 0.6345.
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