Japanese Candlesticks Analysis 09.11.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After forming several reversal patterns, such as Shooting Star, XAUUSD is not expected to reverse due to a strong rising tendency. In this case, the upside target will be the resistance area at 1985.00. At the same time, an opposite scenario implies that the price may start another decline to reach the support area at 1940.00 before resuming its ascending tendency.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the instrument continues growing. After forming several reversal patterns, such as Shooting Star, not far from the resistance area, NZDUSD may reverse and form a slight correction towards 0.6760. After finishing this pullback, the pair may resume trading upwards to reach the resistance area at 0.6845.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. By now, GBPUSD has formed several reversal patterns, such as Harami, not far from the resistance area. At the moment, the pair is correcting and may later resume growing. In this case, the upside target will be at 1.3260. After testing the channel’s upside border, the asset may rebound and resume falling. In this case, the downside target will be at 1.3095.
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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