Japanese Candlesticks Analysis 06.04.2020 (GOLD, NZDUSD, GBPUSD)

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.

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.

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.