Japanese Candlesticks Analysis 14.01.2021 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the metal has stopped plummeting. Right now, after forming several reversal patterns, such as Harami, Doji, and Hammer, close to the support area, XAUUSD may reverse and resume growing towards the resistance level. In this case, the upside target will be at 1870.00. At the same time, an opposite scenario implies that the price may continue its decline towards 1800.00 without reversing and correcting.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, the pair is forming another rising impulse. Right now, after forming a Hammer pattern close to the channel’s downside border, NZDUSD is reversing. The upside target remains at the resistance area at 0.7310. However, an alternative scenario implies that the price may start a new pullback towards 0.7165 before resuming the ascending tendency.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the asset is still correcting within the uptrend. Right now, after forming several reversal patterns, such as Hanging Man, not far from the resistance area, GBPUSD is reversing. The downside target is at 1.3510. After that, the instrument may rebound from the support level and resume moving upwards. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 1.3750 without testing the support area.
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.