Japanese Candlesticks Analysis 06.04.2020 (GOLD, NZDUSD, GBPUSD)

06.04.2020

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after forming several reversal patterns, such as Hanging Man, not far from the resistance level, Gold has reversed; right now, it is still trading inside the horizontal channel. The current situation implies that the pair may break the resistance level and then continue the rising tendency. In this case, the upside target may be at 1700.00. At the same time, there is another scenario, according to which the instrument may rebound and resume falling to reach 1550.00.

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 rising channel continues. After finishing the correction not far from the channel’s downside border and forming several reversal patterns, such as Doji, NZDUSD is reversing. The upside target may be at 0.6045. Still, one shouldn’t exclude another scenario, which says that the instrument may continue the correction towards 0.5780.

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

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the correction within the rising tendency continues. By now, GBPUSD has formed several reversal patterns, such as Doji, close to the support level. At the moment, the pair is reversing and may later grow towards 1.2640. However, there is another scenario, which implies that the instrument may continue trading sideways and reach 1.2148.

GBPUSD
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.