Japanese Candlesticks Analysis 01.10.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the pair is still rebounding from the channel’s downside border. Right now, after forming an Inverted Hammer pattern, XAUUSD is reversing. The next upside target is at 1930.00. At the same time, an opposite scenario implies that the price may form another descending impulse with the target at 1850.00.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the rising impulse continues. After forming several reversal patterns, such as Engulfing, close to the horizontal support level, NZDUSD is reversing. The next upside target may be the channel’s upside border at 0.6725. Still, an alternative scenario says that the pair may continue trading downwards to reach the support level at 0.6516.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the uptrend continues. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair is reversing and may later reach the target at 1.3165. However, there might be another scenario, according to which the price may start a new pullback towards 1.2752.
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.
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