Japanese Candlesticks Analysis 24.05.2019 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. The pair tested the channel’s downside border, formed Harami, and then completed a pullback. By now, it has also formed Shooting Star pattern. Considering this candlestick pattern is in the middle of the channel, we may assume that it may result in a slight correction. Later, after finishing the correction, XAUUSD may resume its rising tendency to reach 1296.60. However, we shouldn’t exclude another scenario, according to which the instrument may resume moving downwards with the target at 1277.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, NZDUSD has been trading downwards for quite a long time. By now, it has formed Harami reversal pattern close to the resistance level at 0.6525. If we assume that the price may rebound, just like it did before, the pair may reverse and resume falling towards its closest target at 0.6464. Considering resistance levels are broken rather seldom, another possible scenario suggests that the instrument may trade to reach 0.6570.
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.